RBI to introduce these facilities for debit and credit card users. Details here

The RBI is mulling introducing Card-on-File Tokenisation (CoFT) creation facilities directly at the issuer bank level

Sangeeta Ojha
Published6 Oct 2023, 02:49 PM IST
RBI also announced the extension of the payments Infrastructure Development Fund (PIDF) scheme by two years
RBI also announced the extension of the payments Infrastructure Development Fund (PIDF) scheme by two years

The RBI is also mulling introducing Card-on-File Tokenisation (CoFT) creation facilities directly at the issuer bank-level, given the growing acceptance and benefits of tokenisation of card data, Governor Shaktikanta Das Das said on Friday while announcing the outcome of the policy meeting.

“It is now proposed to introduce CoF token creation facilities directly at the issuer bank level. This measure will enhance convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications. Instructions in this regard will be issued separately,” Shaktikanta Das said.

At present, a Card-on-File(CoF) token can only be created through the merchant’s application or webpage

RBI introduced Card-on-File Tokenisation (CoFT) in September 2021 and began implementation on October 1, 2022. “So far, over 56 crore tokens have been created on which transactions with a value of over 5 lakh crore have been undertaken,” read the Statement on Developmental and Regulatory Policies, issued on October 6.

What is tokenisation? 

Under tokenisation services, a unique alternate code is generated to facilitate transactions through cards. It is the process of substituting a 16-digit customer card number with a non-sensitive equivalent value, referred to as a token. This essentially means that a customer's card information will no longer be available on any Merchant, Payment Gateway, or 3rd party that helps in the processing of digital transactions today.

RBI extends PIDF scheme

RBI also announced the extension of the Payments Infrastructure Development Fund (PIDF) scheme by two years and the inclusion of PM Vishwakarma Scheme beneficiaries.

“It is now proposed to extend the PIDF Scheme by a further period of two years, i.e., up to December 31, 2025. Also, it is proposed to include beneficiaries of the PM Vishwakarma Scheme in all centres under the PIDF Scheme. This decision to expand the targeted beneficiaries under the PIDF scheme will provide a fillip to the Reserve Bank’s efforts towards promoting digital transactions at the grassroots level,” Governor Shaktikanta Das said.

“The announcement by the Reserve Bank of India to extend the Payments Infrastructure Development Fund (PIDF) scheme tenure by another two years is a welcome move. It shows the commitment and focus of the regulator to increase the reach and penetration of digital payments further. We look forward to working extensively on our part as a leading payments player to accelerate the deployment of digital payment acceptance modes in the targeted geographies," said Ramesh Narasimhan, CEO, of Worldline India.

RBI doubles bullet repayment gold loan limits for urban co-op banks to 4 lakh

The central bank has announced doubling the lending limits for gold loans under the bullet repayment scheme for urban cooperative banks to 4 lakh.

 

 

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:6 Oct 2023, 02:49 PM IST
Business NewsIndustryBankingRBI to introduce these facilities for debit and credit card users. Details here

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel share price

    149.70
    07:18 PM | 1 NOV 2024
    1.05 (0.71%)

    Indian Oil Corporation share price

    145.00
    07:19 PM | 1 NOV 2024
    2.3 (1.61%)

    Tata Power share price

    445.20
    07:19 PM | 1 NOV 2024
    5.15 (1.17%)

    Bandhan Bank share price

    183.65
    07:10 PM | 1 NOV 2024
    1.4 (0.77%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Rainbow Childrens Medicare share price

    1,545.00
    06:59 PM | 1 NOV 2024
    -67.25 (-4.17%)

    ICICI Securities share price

    833.45
    06:59 PM | 1 NOV 2024
    -32.85 (-3.79%)

    Vijaya Diagnostic Centre share price

    966.70
    06:59 PM | 1 NOV 2024
    -30.35 (-3.04%)

    Narayana Hrudayalaya share price

    1,235.60
    06:59 PM | 1 NOV 2024
    -36.75 (-2.89%)
    More from Top Losers

    Brigade Enterprises share price

    1,244.80
    07:19 PM | 1 NOV 2024
    71.75 (6.12%)

    PCBL share price

    432.15
    07:17 PM | 1 NOV 2024
    21.35 (5.2%)

    Piramal Pharma share price

    281.85
    07:17 PM | 1 NOV 2024
    13.45 (5.01%)

    Jubilant Pharmova share price

    1,273.00
    06:59 PM | 1 NOV 2024
    60.65 (5%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      80,415.00-150.00
      Chennai
      80,421.00-150.00
      Delhi
      80,573.00-150.00
      Kolkata
      80,425.00-150.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L0.00
      Chennai
      100.80/L-0.43
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in Industry

        HomeMarketsloanPremiumMint Shorts