{"id":15640,"date":"2023-10-08T10:25:30","date_gmt":"2023-10-08T04:55:30","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=15640"},"modified":"2025-04-03T18:45:59","modified_gmt":"2025-04-03T13:15:59","slug":"what-is-card-on-file-tokenisation","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-card-on-file-tokenisation\/","title":{"rendered":"What is Card-on-File Tokenisation?"},"content":{"rendered":"<h2><strong>About Card-on-File Tokenisation<\/strong><\/h2>\n<ul>\n<li>Tokenisation refers to <strong>replacement of actual credit and debit card details<\/strong> with an alternate code <strong>called the \u201ctoken<\/strong>\u201d, which will be unique for a combination of card, token requestor and device.<\/li>\n<li>This shall be unique for <strong>a combination of card, token requestor<\/strong> (i.e. the entity which accepts request from the customer for tokenisation of a card and passes it on to the card network to issue a corresponding token) and <strong>the merchant<\/strong> (token requestor and merchant may or may not be the same entity).<\/li>\n<li><strong>Advantage:<\/strong> A tokenised card transaction is <strong>considered safer <\/strong>as the actual card details are not shared with the merchant during transaction processing.<\/li>\n<li>Customers who do not have the tokenisation facility will have to key in their name, 16-digit card number, expiry date and CVV each time they order something online.<\/li>\n<\/ul>\n<h3><strong>What is a Card-on-File transaction?<\/strong><\/h3>\n<ul>\n<li>It is a transaction where cardholders<strong> authorizes merchants<\/strong> to <strong>store their payment information <\/strong>securely and bill cardholders\u2019 stored accounts for future purchases.<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1: What is a credit card?<\/h3>\n<p>A credit card is a financial tool that allows consumers to make purchases on credit, effectively borrowing money from a financial institution (usually a bank or credit card issuer) to be paid back at a later date.<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.newindianexpress.com\/business\/2023\/oct\/06\/rbi-to-introduce-new-channels-for-card-on-file-tokenisation-2621425.html\" target=\"_blank\" rel=\"nofollow noopener\"><u>RBI to introduce new channels for Card-on-File Tokenisation<\/u><\/a><br \/>\n\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Card-on-File Tokenisation refers to replacement of actual credit and debit card details with an alternate code called the \u201ctoken\u201d.<\/p>\n","protected":false},"author":5,"featured_media":15641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-15640","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/15640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=15640"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/15640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/15641"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=15640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=15640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=15640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}