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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