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The card payment service to be more secure through tokenization

Monday - January 14, 2019 11:40 am , Category : BUSINESS
The customers not to have to disclose their actual details at the time of every transaction
The customers not to have to disclose their actual details at the time of every transaction

The card to be protected from bugs or hackers from the tokenization service

JAN 14 (WTN) - For the convenience of the customers, RBI has started the exercise of making the card payment service even more secure. According to the information, the tokenization service will be implemented for this. It is believed that this will open new paths for the digital payment service, as well as the card payment will be easy and secure from tokenization. But do you know what the tokenization service is?

The Reserve Bank of India has been instructing about tokenization, that card companies can offer tokenization to third party service providers and customers can use this service by registering through third party applications.

For your information, let you know that according to the new instructions of RBI, consumers can create virtual numbers instead of the original number of their payment card. With the help of this, the consumer will not have to share the actual details of their card for every transaction. By doing so, the card payment will be even more secure against the previous.

Following this move of RBI, experts have said that the steps taken of tokenization will make payments secure and safe. By doing this, replacing the devaluation and payment credentials with a token, the security of the payment will be taken aside.

For your information, let you know that with the use of the ' tokenization' you will get rid of 'Man in the Middle' type of fraud. Because here the card's details are hacked through bugs or hackers and later it is used for fake transactions.

It is being said that in order to maintain another layer of security at the time of card permanent, the Reserve Bank of India has stressed on additional authentication during the transaction. However, a new layer of securities will be linked to the connectivity. This can also help in developing contactless point of sale (PoS) terminals, which will be able to take the details of transactions from smart phones or other devices. These terminals will not need to print the slip for confirmation because the transaction through one device will be confirmed in the soft copy.

Well, due to this, it will open the way to make payment from different devices in the coming time. RBI has now only allowed payment from smart phones and tablets. It can be said that with this step of the RBI card payment is going to be quite safe compared to the previous.

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