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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.

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