At present, tokenised card transaction facility would be offered through mobile phones or tablets only. Photo: MintMumbai: Reserve Bank of India on Tuesday released guidelines on tokenisation for various card transactions, including from debit and credit cards. Instead of using actual card details, this token is used to perform card transactions in contactless mode at point of sale(POS) terminals, quick response(QR) code payments. “Card networks shall get the card issuers/acquirers, their service providers and any other entity involved in payment transaction chain, certified in respect of changes done for processing tokenised card transactions by them,” the release said. RBI said before providing card tokenisation services, authorised card payment networks shall put in place a mechanism for periodic system audit, at least annually, of all entities involved in providing card tokenisation services to customers.

Source: Mint January 08, 2019 15:11 UTC