DH Deciphers | What is the tokenisation system?

DH takes you through this as the deadline comes close

Credit: Reuters File Photo

The Reserve Bank of India (RBI) had in June extended the card-on-file (CoF) tokenisation deadline by three months to September 30, 2022.

Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' - thereby enabling more secure transactions.