What is tokenization and how to use it to improve data security?
In recent RBI’s bi-monthly monetary policy, along with repo rate hikes and other economic decisions, it has also been announced that extending the deadline to tokenize the debit and credit cards of the individuals is unnecessary as 35 crores tokens are already created. In the context of payment transactions, tokenization refers to the replacement of actual credit or debit card details with alternative secured code which is called as tokens. Currently, which is before tokenization technology, we need to enter card details manually every time we use the card or make the payment, whether it is debit or credit, which brings an issue of human error of entering wrong details sometimes. You can use third-party applications such as the UPI app, banking applications, or wallet apps, known as the token requestor, to initiate the card tokenization request. Establishing a sense of security across the country and promoting the online payment industry might be the reason why RBI is not willing to extend the deadlines for tokenization card details.
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