Tokenisation of debit and credit cards: All you need to know about how to do transactions through mobiles and tablets safely
The Reserve Bank of India has permitted tokenisation of debit and credit cards with a view to enhancing data security and prevention of hacking of sensitive information. It is akin to a surrogate number except that it is randomly generated by the card company’s system through a complex algorithm using the card owner’s details and the transaction underway, i.e. Only the card company would be able to relate the token with the primary account number of the card holder like his card number, bank account number etc. The RBI rightly started insisting on OTP because OTP is generated afresh each time a transaction is sought to be put through just like a token except that a token is more complex containing alpha-numeric unique codes derived from the card holder and the merchant. Instead of using actual card details, this token is used to perform card transactions in contactless mode at point of sale terminals, quick response code payments.
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