RBI to implement Card-on-File tokenization system to tackle online fraud

  • The rules for online payments for debit and credit cards are going to be changed from October 1, 2022, as Reserve Bank of India (RBI) card-on-file (CoF) tokenization norms will come into effect.
  • Tokenisation means replacement of actual card details with an alternate code called the “token”, which shall be unique for a combination of card, token requestor, card network, and device.