RBI on Wednesday launched the ‘Card-on-File’ (COF) token facility at the level of banks and other institutions. With its help, customers will be able to create a token of their debit or credit card and link it to the accounts of various e-commerce apps. Also, you will be able to make online payment without giving actual card details. With the implementation of the system, data theft and financial fraud will be prevented.
Complete information will be in virtual code
Implementation of card tokenization system will help in protecting against data theft and financial fraud. RBI said in a circular, ‘COF tokens can be generated directly through card issuing banks. This will give cardholders the additional option to tokenize cards for multiple merchants at once. In the COF token, card related information like 16 digit number, credit or debit card validity and CVV number will be replaced by a virtual code.
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Contribution to NPS through UPI QR code
Pension Fund Regulatory and Development Authority (PFRDA) has allowed National Pension System (NPS) subscribers to deposit their contributions directly through UPI QR code. Its purpose is to simplify the contribution process. Under the new system, customers will use the UPI QR code to transfer their contributions.
It was told by RBI that if the cardholder selects multiple merchants to tokenize his card, then AFA verification can be added for all the merchants. Cardholders can tokenize the card at any time as per their convenience, either upon receipt of a new card or at a later date.
