Mastercard to tokense debit/ credit card payments

In a workshop organised by Mastercard today, the company highlighted the benefits of the adoption of card-on-file (CoF) tokenization that is set to make credit and debit card-based payments on e-commerce platforms such as Amazon, Netflix, and Zomato, safer and more convenient. 

To safeguard consumers from cyber and financial fraud cases, the Reserve Bank of India (RBI) mandated the adoption of card-on-file (CoF) tokenization of card transactions, as an alternative to storing cards on servers of e-commerce merchants. The new regulations will come into effect starting 1st July 2022 and will ensure a safe payment checkout experience for all consumers. 

According to an official statement from the company, by tokenising their card details, consumers can continue to enjoy the saved card checkout experience they have today. The merchant websites and apps will only be able to store the card issuer’s name and the last four digits of the card number. Hence, if any unauthorized person or hacker gets access to the token, they will not be able to use it.