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VISA Creates 100 mn card-on-file tokens as per RBI norms

Published on June 29, 2022
Current Context: Visa, the global payments company, has created 100 million card-on-file tokens in India.
VISA Creates 100 mn card-on-file tokens as per RBI norms
  • RBI last week extended the deadline for tokenization to September 30 after which no entity in the card transaction payment chain, other than the card issuers can store the CoF data.
  • Visa has achieved CoF tokenization, focusing on two key benefits consumer & ecosystem security and an enhanced checkout experience.
  • Apart from that, they have also run consumer awareness programs on technology enablement for seamless adoption of card tokenization.
  • As per recent data, tokenized transactions have seen significant adoption across merchants, clocking 4.5X growth over the past two months.
  • RBI CoF tokenization guidelines mandate replacing actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions.

Question:

Q.1 Which of the following global payment company become the first to create 100mn million card-on-file tokens in India?
a. Master Card
b. Visa
c. American Express
d. Rupay Card
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