National Payments Corporation of India has joined hands with brands and aggregators such as bigbasket, Goibibo, MakeMyTrip, JioPay, Juspay, Paytm, and PhonePe to introduce a Tokenization facility supported by the recently launched NPCI Tokenization System (NTS). This facility will help millions of customers maintain the security of their card financial data for online transactions, as their RuPay card details will now be completely safe and secure in a secure 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.
With NTS, these brands can now save the Token reference number (Token Reference On File) against all existing stored card numbers, which enhances safety and further strengthen the digital payments ecosystem in the country, in line with RBI vision. In addition to enhancing security, tokenization will also help in reducing friction in the payment process by providing a faster check-out experience to the customers. This collaboration will offer a unique and safe transaction experience for their customers.
Several other merchants and aggregators are expected to enable this unique functionality of Card token-on-File soon.
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