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Question

Which of the following statement is/are correct about Card-on-File Tokenisation initiative:

  1. Recently , State Bank of India (SBI) proposed to introduce Card-on-File Tokenisation (CoFT).

  2. It is transaction where in cardholders authorizes merchants to store their payment information securely.

  3. This shall be unique for a combination of card, token requestor and the merchant.

A Both 1 and 2 Correct Answer Incorrect Answer
B Both 2 and 3 Correct Answer Incorrect Answer
C Only 3 Correct Answer Incorrect Answer
D Both 1 and 3 Correct Answer Incorrect Answer

Solution

Recently, the Reserve Bank of India (RBI) proposed to introduce Card-on-File Tokenisation (CoFT).

This shall be unique for a combination of card, token requestor and the merchant (token requestor and merchant may or may not be the same entity).

Card-on-File transaction: It is transaction where in cardholders authorizes merchants to store their payment information securely and bill cardholders’ stored accounts for future purchases.

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