Visa, leading digital payments, today marked an industry-first move by launching Card-on-File (CoF) tokenization services in India in line with the recently issued RBI guidelines.
Card-on-File (CoF) tokenization offers two key benefits – consumer & ecosystem security and an enhanced checkout experience. Launched in partnership with Juspay, India’s first CoF tokenization service is now available across ecommerce leaders such as Grofers, bigbasket and MakeMyTrip.
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The RBI’s recent CoF tokenization guidelines mandate replacing the actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions.
Commenting on the launch, TR Ramachandran, Group Country Manager, India and South Asia, Visa, said, “The RBI’s move to allow CoF tokenization for ecommerce payments will revolutionize digital payments across India’s ecommerce platforms. Having launched CoF tokenization services in over 130 countries globally, we are confident of the technology’s ability to build a safe, secure and seamless environment for digital payments. This will be critical in building consumer trust on merchant platforms and reassure them of the safety of their payment credentials on these platforms. We have enabled all our banking partners for tokenization and continue to work closely with merchants, payment aggregators and gateways to ready the ecosystem for CoF tokenization rollout.”