Visa has launched its Card-on-File (CoF) tokenisation services in India in line with the recently issued RBI guidelines.According to a press release issued by Visa on October 6, 2021, the card-on-file tokenisation service has been launched in partnership with Juspay, India’s first CoF tokenization service.
It is now available across eCommerce platforms such as Grofers, Bigbasket and MakeMyTrip.
What is Tokenisation
Tokenisation is a new security technology from Visa, replaces sensitive account information, such as the 16 digit account number with a unique digital identifier called as a “token”.
The token allows payments to be processed without exposing actual account details that could potentially be compromised.
What is the need to introduce “tokens”
Visa Token Service replaces sensitive account details with a unique and temporary token for online, in-store and in-app purchases, protecting consumers, merchants and issuers alike.