Visa introduces CoF tokenisation on Grofers, BigBasket and others
Card-on-File Tokenisation replaces actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions. This will save customers the hassle of having to enter all card details afresh for each transaction once the RBI’s PA and PG guidelines kick in on December 31. The service has been launched in partnership with payment solutions provider Juspay and is now available for customers on platforms such as Grofers, BigBasket, and MakeMyTrip, Visa said.
This makes Visa the first cards company to launch CoF Tokenisation in India ahead of the December 31 deadline for the Reserve Bank of India’s (RBI) guidelines for Payment Aggregators (PG) and Payment Gateways (PG).
Having launched CoF tokenisation 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,” said TR Ramachandran, Group Country Manager, India and South Asia, Visa.
Visa has enabled all its banking partners for tokenisation and is working closely with merchants, payment aggregators and gateways to ready the ecosystem for CoF tokenisation rollout, he added.
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