banking service chronicle Published this . TOKENISATION Why in news? Reserve Bank of Indias cardonfile (CoF) tokenisation norms are effective from 1st October. About CardonFile (CoF) TokenisationTokenisation is a process by which card details in a CoF transaction are replaced by a unique code or token allowing purchases to go through without exposing sensitive details. o A CoF transaction is one in which a cardholder has authorized a merchant to store his or her Mastercard or Visa payment details and to bill the stored account. o A token is a unique for a combination of card token requestor and the device Under the process of tokenisation online players or merchants are not allowed to store card number CVV and expiry date for processing online transactions. o Any existing details that were saved by merchants will be deleted banking service chronicle buy.
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