Kolkata, Oct 20: National Payments Corporation of India (NPCI) has announced the launch of NPCI Tokenisation system (NTS) to support tokenisation of cards as an alternate to storing card details with merchants.
The NPCI Tokenization System (NTS) will support the tokenization of RuPay cards to further enhance the safety of customers and provide a seamless shopping experience to consumers.
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 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.
NPCI’s Token Reference On File (TROF) service will help millions of RuPay cardholders, maintain the security of their financial data. The card details of the customers will be completely safe & secure at the RuPay Network Secure vault.
With NTS, acquiring Banks, Aggregators, Merchants & others can get themselves certified with NPCI & can play the role of Token Requestor to help save the Token reference number (Token Reference On File) against all card numbers saved. All these businesses can maintain their RuPay consumer base utilizing TROF for future transactions initiated by their respective RuPay consumers.
This foolproof and transparent system will ensure no customer-sensitive information will get released. 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.
Kunal Kalawatia, Chief of Products, National Payments Corporation of India, said, RBI’s guidelines on Card Tokenization is to enhance the safety of the digital payments ecosystem in the country. We are confident that NPCI Tokenization System (NTS) for tokenization of RuPay cards will instill further trust in the millions of RuPay cardholders to carry out their day-to-day transactions securely.
We believe that this unique Card-on-File Tokenization solution will not only safeguard customers’ confidential data but will also further strengthen the overall digital payments environment.?
(UNI)
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