As compared to many other advanced less-cash economies, India is experiencing a more prolific growth trajectory in card transactions. In light of this growth in card payments, regulatory and security vigilance around transactions must gain unequivoval importance. As sensitive data breaches are expected to be a persistent topic in the future, tokenisation of card transactions is essential for the payments industry.
Consequently, regulatory guidelines around tokenisation of card transactions are slated to be a growing need for the state of cybersecurity. And the Reserve Bank of India recognized the need well.
The purpose of this document is to highlight the controls as per the new guidelines released by Reserve Bank of India on tokenization in card transactions.