MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

Online Card Transactions Made Safer: India’s Central Bank’s New Technology

Online Card Transactions Made Safer: India’s Central Bank’s New Technology

Tokenisation is the new technology India is betting on. It is a new feature that will help mask sensitive private data that is being used while executing online transactions on debit and credit cards or even through mobile wallets. When the transaction is in the process, instead of revealing the card details, a temporary token which is a set of numbers will be used as a substitute. This is to ensure greater safety of a user. Many companies did offer this service but aren’t prevalent. Having certain rules implemented will be allowing many firms to offer tokenisation. This step will be ensuring uniformity.

Customers will only opt for it if they have confidence in it and that is what experts say.  There is rapid growth in online transactions in India. It is expected to reach nearly $1 trillion (Rs70.34 lakh crore) annually by 2025. “With tokenisation, the payment industry will be able to reassure customers about security and privacy of their sensitive data. This will also play a significant role in controlling fraudulent transactions on payment networks which in turn bring in more trust of consumers leading to growth in digital transactions,” says Vinay Kalantri, founder and managing director of TMW which is a Mobile Wallet.

YOU MAY ALSO LIKE

Marketing Partnership: NBA, McDonald’s Will Jointly open NBA Experience Zones India

There is good news for all basketball fans in India. Very soon, NBA themed promotions and experience zones will be launched in India. The announcement...

Dunzo to Raise Funds from Google, others

Dunzo, the app which is trying to make life easier for the people upto some extent plans to raise about Rs. 183 crore from different investors which a...

Sapta Shakti Command Will Be Displaying Defence Technology Equipment at Jaipur Military Station

This event is organised with an aim to provide an opportunity where one and all can experience the developments in the field of defence and security-r...

Samsung is All Set to Roll out Its Galaxy A9 Smartphone On November 20

After Samsung unveiled its new Galaxy A9 smartphone in Singapore last month, the company is all set to launch it in India on November 20. In Singapore...

RECOMMENDED