Chennai, Sep 30 (SocialNews.XYZ) The tokenisation of debit/credit card details will happen from October 1 onwards even though there may be laggards unwilling to comply with the regulations, said a senior official of the Reserve Bank of India (RBI).
According to RBI Deputy Governor T. Rabi Shankar, a total of 35 crore tokens have been created and the system is ready to be rolled out.
He also said in September, 40 per cent of the online card transactions valued at about Rs 63 crore has been tokenised.
Shankar said few participants may not be ready due to their unwillingness to comply with the regulations and they might take some more time.
Tokenisation means the details of debit/credit cards such as 16-digit number, names, expiry dates and codes which one used to save earlier for future payments will now be replaced by a token.
The token is used by the merchant's website for the transaction.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz