Visa, the world's largest payments company, has created 100 million card-on-file token in India.
This landmark was achieved in line with RBI guidelines on CoF tokenisation, focusing on two key benefits - consumer ecosystem security and enhanced checkout experience, according to Visa. A last week, Visa extended the deadline for tokenisation to September 30, after which no entity in the card transaction chain other than the card issuers and card networks can store CoF data, and any data stored previously has to be purged.
In recent months, Ghosh said that tokenised transactions have seen significant adoption across merchants, and that they have worked closely with our banking partners and merchants to drive consumer awareness as well as technology enablement for seamless adoption of card tokenization, as well as 4.5 X growth over the past two months.
He said that momentum will continue as the ecosystem migrates to tokenized payments in the coming months.
The guidelines of CoF mandate replacing actual card data with encrypted digital token that is used to facilitate and authenticate transactions.