Payments Council of India Welcomes RBI Circular Enabling

Mumbai, 23 December, 2023: The Payments Council of India (PCI), a consultant physique of non-banking fee trade in India, welcomes the Reserve Bank of India’s (RBI) transfer to allow the issuing of tokens for card by way of web and business banks.

This RBI choice, introduced via a latest round, will empower cardholders by providing them a further choice to tokenize their playing cards for a number of service provider websites via a streamlined and unified course of.Card-on-File Tokens (CoFT) for a card can now be enabled via cellular banking and web banking channels, offering a handy and environment friendly means for customers to safe their transactions throughout numerous platforms.

With over 56 crore tokens already created, CoFT has demonstrably improved transaction safety and approval charges. PCI had submitted representations to the RBI, outlining the trade’s readiness and preparedness for tokenization, together with strategies to fast-track the method. The trade members stay dedicated to a easy and profitable implementation of tokenization.

Welcoming the RBI transfer, Chairperson of Card Networks Committee below PCI, and Group County Manager of Visa, Mr. Sandeep Ghosh mentioned, “We welcome this round of RBI for enabling tokenization via card issuing banks. This can be a recreation changer for the funds trade and also will improve convivence for the card holders.”

Ms. Praveena Rai, Chief Operating Officer at National Payments Corporation of India (NPCI), and Co-Chairperson, the Payment Council of India, remarked, “This transfer will present shoppers with larger autonomy in managing card tokens, making it simpler to change and management them. This round displays the continued enhancement of safety within the digital fee ecosystem day by day. I’m assured that this step will increase shopper belief.”

This strategic initiative displays the RBI’s dedication to enhancing the safety and suppleness of digital transactions, additional aligning with evolving shopper preferences and technological developments within the monetary panorama.