Question
Which of the following statement is/are correct about Card-on-File Tokenisation initiative: Recently , State Bank of India (SB
- I proposed to introduce Card-on-File Tokenisation (CoF
- T . It is transaction where in cardholders authorizes merchants to store their payment information securely. This shall be unique for a combination of card, token requestor and the merchant.
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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