Visa has launched a Card-on-File tokenisation service for e-commerce players Grofers, BigBasket and MakeMyTrip. The Reserve Bank of India’s CoF tokenisation guidelines mandate replacing the actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions.
“Card-on-File (CoF) tokenisation provides two key benefits — consumer and ecosystem security and an enhanced checkout experience. Launched in partnership with Juspay, India’s first CoF tokenisation service is now available across e-commerce leaders such as Grofers, BigBasket and MakeMyTrip,” it said in a statement on Wednesday.
“Having launched CoF tokenisation services in over 130 countries globally, we are confident of the technology’s ability to build a safe, secure and seamless environment for digital payments. This will be critical in building consumer trust on merchant platforms and reassure them of the safety of their payment credentials on these platforms,” said TR Ramachandran, Group Country Manager, India and South Asia, Visa.
Visa has enabled all its banking partners for tokenisation and is working closely with merchants, payment aggregators and gateways to ready the ecosystem for CoF tokenisation rollout, he added.
Tokenisation guidelines have to be met by January 1, 2022.