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Card Transactions to Become Safer as RBI Approves Tokenization
January 11, 2019
The Reserve Bank of India has authorized the use of card tokenization and issued guidelines for the same. This will allow third-party apps to protect digital transactions from hacking-related frauds to a huge extent.
Tokenization is a technique that allows a facilitator of digital payments to substitute the details of a credit card or debit card with a unique code called token. So, instead of using all the details of a card including its card number, expiry date, CVV, etc. the transaction can be verified and approved by using just the token. However, as per the central bank’s current guidelines, the technology can only be used if both the user and card provider approve of the same.
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