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ARTICLE · 29 OCTOBER 2021

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Tokenisation Of Cards In India: Explained

Obhan Mason
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Amidst the rise in cases of financial data leaks in India, the Reserve Bank of India's ("RBI") efforts towards the adoption of a framework of tokenisation of cards in India have been appreciated by the industry.

IndiaTechnology
Ashima Obhan
Ashima Obhan
Seerat Bhutani
Seerat Bhutani
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Amidst the rise in cases of financial data leaks in India, the Reserve Bank of India's ("RBI") efforts towards the adoption of a framework of tokenisation of cards in India have been appreciated by the industry.1 An important update to this framework was notified on September 7, 2021, which enhances the scope of these card tokenisation services. To understand the framework that governs tokenisation services, it is pertinent to discuss what the process of tokenisation entails.

Tokenisation refers to the replacement of actual card details with an alternate code called the token, which is unique for a combination of card, token requestor (i.e. the entity which accepts request from the customer for tokenisation of a card and passes it on to the card network to issue a corresponding token) and device.2 The tokens generated through this process are then used for online transactions, in place of the the card details. Thus, in the event that any data of a merchant company

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