Pine Labs launches tokenization solution

The card-on-file (CoF) tokenization solution will replace the debit or credit card details of the cardholder with what are called ‘tokens’ or randomly generated numbers. This launch is in line with the Reserve Bank of India (RBI) guidelines that mandate no entity other than the card issuer or card networks to store actual cardholder data with effect from January 1, 2022.

Plural Tokenizer comes with features such as OTP-based two-factor authentication, visibility to issuers on where the tokens are being stored, cryptograms that are unique to each transaction, and issuance of tokens to merchants for a particular use case that cannot be used outside that specific merchant (CoF) use case or domain (F2F) use case.