Mumbai: Reserve Bank of India (RBI) has extended the scope of the tokenise card payment, until the limit is limited to cellphones, to all consumer devices – laptops, desktops, can be used such as watches & bands (IOT), and all internet devices (IOT) .
Until now, RBI’s approval for tokeniselas is limited to cellphones and tablets.
More devices will mean that customers can make payments without contact using their watch or make a one-click payment from the registered device.
RBI’s encouragement for tokenenation was present at the time cracking on the storage of payment information by a third party.
Allowing tokeniseSation on a computer will allow users to make a payment of one click after registration.
It will also eliminate the need to send card data through the network.
“This is a big step by the RBI and will definitely help reduce fraud across e-commerce transactions and increase security standards for the industry as a whole,” said CEO Pine Labs Amrish Rau.
TOKENGSation is a solution where, after the account is registered with the payment network, the network issues a token, which is associated with the card, to that account.
Every time the payment must be made, the account shares the token with the payment network, which processes transactions on the card that is linked to tokens.
Samsung has become one of the initial users of TokeniseSation with its Samsung payment.