NPCI enables the market on Tokenisation for RuPay users with NTS

Monday 20 December 2021 09:45 CET | News

National Payments Corporation of India has started collaborating with companies such as bigbasket and Paytm to introduce a Tokenisation facility supported by the NTS.

This facility will help customers maintain the security of their card financial data for online transactions, as their RuPay card details will now be safe and secure in a vault within NTS. Based on the set of guidelines that have been mandated by the RBI, sensitive customer information is to be stored in the form of an encrypted ‘token’ to help secure transactions.

These tokens will then allow payments to be processed without disclosing the customer details or allowing the payment intermediaries to store customer data that could breach security and privacy. This collaboration may offer a safe transaction experience for their customers.

In addition to augmenting security, tokenisation may help in reducing friction in the payment process by providing a faster checkout experience to the customers.

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Keywords: NPCI, tokenization, partnership, RBI, fraud prevention, debit card, credit card
Categories: Fraud & Financial Crime
Countries: India
This article is part of category

Fraud & Financial Crime