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Tokenization of Debit and Credit Cards.

  Jan 23, 2022

Tokenization of Debit and Credit Cards.

Q Why is it in News ?

A The Reserve Bank of India (RBI) has decided to defer the implementation of tokenization of debit and credit cards for online transactions by a further six months following representations from stakeholders.

Q What is RBI decision ?

Q What is Tokenisation?

 A

Q What are benefits of Tokenization ?

Q How are the transactions currently processed?

  1. Merchant
  2. Payment aggregator
  3. Issuing bank
  4. Card network

Q Is the industry ready to implement this? 

Q What will be the Impact on businesses ?

A If the industry isn’t ready, several business models would be impacted.

Q What can be way forward ?