Everything you want to know about tokenisation

For consumers, nothing has changed as token is just replacing the card details. Merchants do not have card details anymore and hence, if their sites are hacked, at best the hacker gets only the token

At the interaction with the media after the last monetary policy  in September, Reserve Bank of India (RBI) Deputy Governor T Rabi Shankar said the much-awaited tokenisation of debit and credit card details would commence on October 1 “even though there may be laggards unwilling to comply with the regulations”.

According to Shankar, 350 million tokens have so far been created, and 40 per cent of the online card transactions, valued at about Rs63,000 crore, were already tokenised.

What is tokenisation? Why do we need this?

In a casino, money is exchanged for tokens at the casino cage, the gaming