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<ul><li>Debit and credit <keyword id="7203034" type="General" weightage="100" keywordseo="card-tokenization" source="Orion">card tokenization</keyword> rules will come into effect from July 1. </li><li>Cards that have not been tokenized will be removed from apps and websites. </li><li>Here’s everything you need to know about card tokenization. </li></ul>Debit and credit card tokenization rules are coming into effect from July 1, and that means any debit or credit cards you have saved on Flipkart, Amazon, Paytm or any other service will be removed if you do not tokenize your cards. But what exactly is card tokenization and why is the Reserve Bank of India pushing for it? It is worth noting that the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> had pushed back card tokenization multiple times before as payment processors and ecommerce portals were not ready with the required changes. However, this time around the entire payment ecosystem is ready and the July 1 deadline will be enforced. Popular payment processors like Razorpay, PayU and others have already enabled card tokenization features in their solutions. In a conversation with Business Insider India, Razoypay’s head of product – payments, Khilan Haria said that most merchants don’t have to do anything to have card tokenization enabled. But what exactly is card tokenization and why is RBI mandating it? <cmsannotation type="cmsannotation" annotationid="Debit and credit card tokenization explained" comment="subhead" text="Debit and credit card tokenization explained">Debit and credit card tokenization explained</cmsannotation> Whenever you make a payment online using debit or credit cards, you have to enter your card details, including the card number, your name, expiry date and the three-digit CVV. These card details are stored by the merchant’s platforms using masking and other security measures. In cases where merchants use payment processors directly instead, the card details are stored by those processors. In tokenization, your card number is replaced by a random token number. The payment processors and banks have systems in place to map your card number to the token number, so the payment is debit and credit to the correct card holder’s account. <cmsannotation type="cmsannotation" annotationid="Why RBI wants cards to be tokenized" comment="subhead" text="Why RBI wants cards to be tokenized">Why RBI wants cards to be tokenized</cmsannotation> Your card details are stored by merchants, and if their security measures are inadequate, this puts all the customers at risk. There have been several instances in the past where merchant websites have been hacked and debit and credit card details have been leaked. This is what the RBI wants to eliminate. By mandating card tokenization, the burden of security is now on payment processors and banks, not merchants. <cmsannotation type="cmsannotation" annotationid="How to tokenize debit and credit cards?" comment="subhead" text="How to tokenize debit and credit cards?">How to tokenize debit and credit cards?</cmsannotation> The next time you pay online for something using your debit or credit card, the payment processor will ask you if you want to “Save card as per RBI guidelines” or “Secure your card”. Click on save and enter the OTP you receive on your mobile number. That’s it, your card is now tokenized. <cmsannotation type="cmsannotation" annotationid="Will I receive card-based offers if I tokenize cards?" comment="subhead" text="Will I receive card-based offers if I tokenize cards?">Will I receive card-based offers if I tokenize cards?</cmsannotation> Yes, you will continue to receive card-based offers even after you tokenize your card. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/5g-in-india-does-the-aam-aadmi-even-need-it/articleshow/92382529.cms">5G in India – does the aam aadmi even need it?</a> <a href="https://www.businessinsider.in/finance/banks/news/sbi-icici-bank-hdfc-bank-and-others-banks-have-increased-fd-interest-rate-checkout-comparison/articleshow/92388718.cms">SBI, ICICI Bank, HDFC Bank and others hike fixed deposit interest rates – check out the latest FD interest rates</a> <a href="https://www.businessinsider.in/finance/news/upi-and-rupay-cards-will-soon-be-accepted-in-france/articleshow/92247190.cms" data-type="tilCustomLink">Here’s what card tokenization is and how to tokenize debit and credit cards</a>

Here’s what card tokenization is and how to tokenize debit and credit cards

<ul><li>Google announced that its bringing tokenisation of credit and debit cards to Google Pay during their annual event, <keyword id="8120597" type="UNKNOWN" weightage="20" keywordseo="google-for-india-2019">Google for India 2019</keyword>. </li><li>This will allow users to mask their real card numbers when making payments to third party merchants using Google Pay. </li><li>Tokenisation shares a random token number rather than the actual number of the card to conduct the transaction. </li></ul>Google Pay’s is finally bringing its tokenisation system to India — a feature which allows you to mask your real debit and credit card numbers before making a payment. It was launched in India four years after it was available worldwide. Yet, Caesar Sengupta, Google’s General Manager and Vice President of Payments and Next Billion Users stated, “India is setting the global standard on how to digitise payments,” during the <a href="https://www.businessinsider.in/google-for-india-2019-everything-you-need-to-know/articleshow/71199981.cms">Google for India 2019</a>. Tokenisation allows users to hide their card numbers by issuing a digital token bound their devices, to make a transaction. Once the transaction is complete, the token ceases to exist. It’s a lot like exchanging money for tokens at a casino, according to <a href="https://www.advantio.com/blog/mobile-payments-with-digital-wallets-and-tokenization-how-google-pay-apple-pay-and-samsung-pay-protect-your-card-details">Advantio</a> — a cyber security research organisation. A visitor is the only person who can exchange their money for tokens and vice versa. Should someone else try and use that token — they would not be able to at another casino. Advantio calls this ‘devaluation’ since it deters crime and limits the thief’s field of action. How does tokenisation work? There are two ways in which tokenisation works. One, is the tap and pay method. Users just have to tap their phones against a Bharat QR or near field connectivity (NFC) terminal to make a payment. If the transaction in under ₹2,000, there’s no need to input their PIN number. In order for this to work, the user’s smartphone needs to be NFC-capable. Even for online transactions, tokenised cards can be used to make payments without disclosing the user’s card number to the vendor or merchant through Google Pay. Only the randomised card number is shared. Each token is unique to the card number that it represents. The randomisation of numbers happens on the user’s mobile device itself, which has an encryption key in memory, that is used to generate and decrypt limited-use and single-use keys. According to Google, this makes the process more secure by adding a layer of security. The feature will initially roll out for VISA cards with HDFC Bank, Axis Bank, Kotak, Standard Chartered, and the State Bank of India (SBI). Later this year, Google will add more banks, RuPay and MasterCard to the process. See also: <a href="https://www.businessinsider.in/google-for-india-2019-everything-you-need-to-know/articleshow/71199981.cms">Google is adapting its technology for India and its many languages</a> <a href="https://www.businessinsider.in/how-to-use-google-pay-for-business-and-google-spot/articleshow/71200402.cms">Google Pay for Business and Google Spot launched to digitise small business owners</a> <a href="https://www.businessinsider.in/google-for-india-2019-google-assistant-for-2g-users-and-multiple-indic-languages/articleshow/71200745.cms">Data starved Indians in remote areas can now call the Google Assistant hotline</a>

Google Pay’s new tokenisation will mask your real debit and credit card numbers before making payments

<ul><li><keyword id="52685" type="General" weightage="20" keywordseo="wearable" source="Orion">Wearable</keyword> payment is a way to make contactless <keyword id="6359540" type="General" weightage="20" keywordseo="payments" source="Orion">payments</keyword> using a device you wear, like a <keyword id="1009777" type="General" weightage="20" keywordseo="smartwatch" source="Orion">smartwatch</keyword>, <keyword id="1612756" type="General" weightage="20" keywordseo="fitness-tracker" source="Orion">fitness tracker</keyword>, ring, or a wristband</li><li>Wearable payment adoption is hindered by challenges like limited contactless infrastructure, bank charges for device issuance, and managing user experience </li><li>Wearable payments market could see higher adoption once the existing wearable devices can be easily extended to support payments by all major <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword></li></ul>Technology has transformed every aspect of our lives, and payments are no different. From debit and credit cards, to UPI, how we make payments have evolved rapidly over the years. UPI payments happen through our phones, but the next big thing in payment is payment through wearables. “Wearable payment refers to a contactless payment method made through wearable devices that support the near field communication (NFC) method” says Atish Shelar, COO of Tech Fini, a fintech company. These wearables act as a digital wallet, storing your credit card or bank account information securely. IndusInd Bank has introduced 'Indus PayWear’ where one can make payments with wearables such as rings and watch clasps, secured via card tokenization tech. Priced between ₹499 and ₹2,999, they offer an alternative to traditional cards and payment apps. Initially this is exclusive to Mastercard. “Recently introduced contactless payment wearables are slowly gaining popularity among consumers. Integrating tokenization with wearable payments would be like tokenising physical cards that replace actual card details with unique 'tokens’. This initiative will boost consumer confidence,” says Rahul Jain,CFO, NTT DATA Payment Services India. How RBI made had made wearable payments possible We need to go back to understand how wearable payments have been made possible. “A few years ago RBI asked every point of sales (POS) machine to accept contactless payments. RBI pushing it as a mandatory thing has led everyone to adopt on the POS machine side, which in turn gives the chance to bring this facility that to customers,” says Sai Prasanth, Co-founder and CEO, Muse Wearables, which designs payment-enabled hybrid smartwatches. “Most of the wearable payments options in India are based on card form factor and to make these card based wearable payments more safe and secure, RBI had extended the scope for card tokenization to include wearables (smart watches, bands, etc.) back in 2021 and also increased the limit for contactless transactions( from ₹2,000 to ₹5,000) to boost adoption,” says says Jitin Sehgal, Partner, Consulting, Deloitte India. In addition, we have also witnessed initiatives from NPCI in this space, such as launch of “OTG Ring for NCMC”, and “RuPay On-the-Go”. Wearable payment market in India in the nascent stages The wearable payments market in India appears to be in nascent stages from customer adoption standpoint, even though a number of domestic companies are gaining market share in wearable device manufacturing. In 2020, SBI and Titan launched a range of watches with contactless payment functions. Axis Bank also launched its own range of wearable contactless devices in 2021. “We have seen launch of wearable payments options such as rings, watch claps, mobile stickers, by both public and private sector banks, however adoption seems to relatively slow,” says Sehgal. Several challenges remain “Some of the key reasons for slow adoption have been limitation on extending existing wearables such as smart watches to support payments, limitation on contactless acceptance infrastructure, wearable device issuance charges from banks, managing customer experience on the device for entering PIN for transactions above the value threshold,” says Sehgal. NFC technology may not be universally accepted at all payment terminals, and consumers may not be aware of the availability or functionality of these devices. “Consumers may also prefer established payment methods, which requires clear benefits and incentives. Security features and consumer education are essential to address these concerns,” says Shelar. Also, there is a lot of dependencies that need to be worked on with all financial partners before seamless wearable payments system can be introduced. The road ahead Until recently most of the tap and pay systems were available through passive tokenisation methodology where the card details were directly put into a wearable device before the shipment or before it was sold to the customers. People have to keep on topping up their cards. “With active tokenization, you can have any number of cards and transfer the information to a wearable on a real time basis and your debit or credit card is directly linked to your wearable,” says Prashant. Now, since there is a limit on contactless transactions, customers would need to carry their card anyway to make payments of over ₹5,000. Once this limit is relaxed, wearable payments are likely to pick up. There is already an ecosystem of wearable devices in India from domestic and global brands for instance for smart watches. “We believe the wearable payments market could see higher adoption once the existing wearable devices can be easily extended to support payments by all the major banks, as not many customers will not prefer buying a separate device for payments, just on the back of convenience it may offer,” says Sehgal.

Tap your ring or watch to pay! Wearable payment devices are a reality, but challenges remain

With Bollywood celebrities increasingly launching digital assets through Non-Fungible Tokens (NFTs) to generate revenue and awareness, an Ahmedabad-based start-up is coming up with Gujarat's first NFT scheme for the entertainment sector, especially Gujarati movies. Founded by <keyword id="14154768" type="General" weightage="80" keywordseo="manit-bhatia" source="Orion">Manit Bhatia</keyword>, the company named <keyword id="14154769" type="General" weightage="80" keywordseo="aio-fans" source="Orion">AIO Fans</keyword> is coming up with a unique platform where fans can engage with their favourites stars and production houses by buying NFTs of their auditions or favourite movie scenes or songs, and unseen footage. The company is launching NFTs for the upcoming Limelight Productions' film 'Saatam Aatham' and in talks with three other upcoming Gujarati movies for the NFT release. Speaking about the development, Manit <keyword id="4943" type="General" weightage="80" keywordseo="bhatia" source="Orion">Bhatia</keyword>, founder, Act It Out, said, "AIO fans is a fan engagement platform which is launching a complete NFT for an upcoming Gujarati movie 'Saatam Aatham' releasing on June 17, 2022. We are planning to launch various types of NFTs. We have the rights for the movie and we want to make sure that we set the trend right for all other artists and production houses. We are planning to launch NFTs from June 9." NFTs allow artistes to create unique digital works, in whatever form, and sell these directly to fans and collectors via Blockchain. The continuing growth of NFTs has transformed many industries and is poised for overwhelming growth over the next decade. Bhatia added that "We plan to build a platform for fans to interact, meet and greet with each other and celebrities, having engagement activities like concert tickets, movie premieres, Insta-lives and various other community building activities. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts</a> <a href="https://www.businessinsider.in/india/news/coal-india-will-import-coal-for-the-first-time-as-power-crisis-threatens-to-worsen/articleshow/92103298.cms">Coal India will import coal for the first time as power crisis threatens to worsen</a> <a href="https://www.businessinsider.in/sustainability/news/sustainability-investments-could-make-up-40-of-indias-assets-under-management-in-the-next-four-years-reveals-survey/articleshow/92105698.cms">Sustainability investments could make up 40% of India’s assets under management in the next four years, reveals survey</a>

Ahmedabad firm launches platform for selling NFTs of movie auditions, songs and more

<keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> in collaboration with Visa and banking partners on Monday rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication (NFC)-enabled point of sale (POS) terminals and online merchants. The feature is now available to users of Axis and SBI Card, with Kotak and more banks expected to follow suit very soon. With tokenisation, Google Pay <keyword id="6355645" type="UNKNOWN" weightage="20" keywordseo="Android">Android</keyword> users can use their debit or credit card to make payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. "We are hopeful that the tokenisation feature will further encourage users to transact securely and safely in the current times, and expand merchant transactions both online and offline," said Sajith Sivanandan, Business Head: Google Pay and NBU-India. The feature also works with online merchants, delivering more native and seamless OTP experiences without any redirects to 3D Secure sites. With tokenisation, Google Pay will enable NFC-capable Android devices to make contactless payments at over 2.5 million Visa merchant locations. It will allow users to scan and pay at more than 1.5 million Bharat QR enabled merchants and the customers can pay bills and recharges from within their Google Pay app using their card. "Visa recently crossed over 1 billion token credentials globally and with Google Pay live in India, we expect these numbers to rise significantly. We are excited to partner with Google to further accelerate digital payment innovations in times to come for the Indian market and beyond," said TR Ramachandran, Group Country Manager, Visa, India &amp; South Asia. To enable the tap and pay feature using the smartphone phone, users will have to do a one-time set up by entering their card details and follow it by entering the OTP they get from the bank to add their card to the Google Pay app. After the registration, the feature can be used to make payments at NFC-enabled terminals, the company said. "We are already live for Axis and SBI Card holders with Visa payments network and are working closely with Kotak and other banking partners to further expand the adoption of card-based payments with tokenisation in India," Sivanandan added. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter actions</a>

Google Pay partners with Visa bringing tap-to-pay for Indian users

<keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> on Friday denied the claims made in certain media reports that its <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> app is sharing Indian customers' transaction data with third parties. Citing an affidavit filed before a bench of Chief Justice D.N. Patel and Justice Prateek Jalan in Delhi High Court, a section of the media said that Google has told the court that it is allowed to share customers transaction data with third parties with the prior permission of the National Payments Corporation of India (NPCI) and payment service providing (PSP) banks. The affidavit was filed in response to a public interest litigation (PIL) seeking action against Google Pay for allegedly violating the Reserve Bank of India (RBI) guidelines related to data storage and sharing. "This is to clarify that press reports on the basis of the affidavit filed by Google before the Delhi High Court, do not represent the complete facts," a Google spokesperson said in a statement. "We would like to put it on record that Google Pay is in full compliance with Unified Payment Interface (<keyword id="6358921" type="COMPANY" weightage="20" keywordseo="upi">UPI</keyword>) procedural guidelines, issued by the National Payments Corporation of India (NPCI) and the applicable laws and does not share customer transaction data with any third party outside the payments flow," the company spokesperson added. The high court has listed the matter for hearing on November 10. Earlier this week, Google Pay in collaboration with <keyword id="6359421" type="COMPANY" weightage="20" keywordseo="visa">Visa</keyword> and banking partners rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication (NFC)-enabled point of sale (POS) terminals and online merchants. The feature is now available to users of Axis and SBI Card, with Kotak and more banks expected to follow suit very soon. With tokenisation, Google Pay Android users can use their debit or credit card to make payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/bharat-bandh-farmer-unions-begin-their-nationwide-strike-delhi-police-on-high-alert/articleshow/78308504.cms">Bharat Bandh: Farmer unions begin their nationwide strike — Delhi Police on high alert</a>

Google Pay doesn't share Indian customer's transaction data with third parties, says Google

<a href="http://www.businessinsider.in/searchresult.cms?query=+Prime+Minister+Narendra+Mod&amp;sortorder=effectivedate">Prime Minister Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=+Prime+Minister+Narendra+Mod&amp;sortorder=effectivedate">Mod</a>i’s <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation+scheme+&amp;sortorder=effectivedate">demonetisation scheme </a>has made the country undergo a cash crunch. The scheme might have hit the black money hoarders hard, but common man has been hit harder. But, to deal with the cash crunch, people in Eluru, <keyword id="37102" type="COMPANY" weightage="100" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> have come with an innovative idea to overcome the shortage of smaller denominations. 
 
Under the idea, tokens worth Rs.50 and Rs 100 are made available in 'Raitu Bazaars' (farmer markets) for the convenience of the people. This will make the transaction between the seller and buyer hassle free, easy and effective. 
 
How it works: 
 
Anybody can buy tokens worth Rs 500 and they will be valid for three days. If the beneficiary is unable to use the tokens within three days, they can return the unused tokens to Estate Officers of the concerned 'Raitu Bazaars', who will in turn deposit the balance amount in the individual bank accounts of the beneficiaries. 
 
How it started: 
 The system at first initiated in the <keyword id="397374" type="UNKNOWN" weightage="20" keywordseo="West-Godavari">West Godavari</keyword> district and has now extended to other districts. According to officials, the system is working good and yielding good results. 
 The <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) has also come to offer its services to the people by opening counters in 'Raitu Bazaars' to provide change upto Rs.200/- through ATM cards. Several other banks have already installed e-Pass machines in Vijayawada to provide change for Rs.500/- free of charges. 
 <keyword id="972797" type="PERSON" weightage="20" keywordseo="Chandra-Babu-Naidu">Chandra Babu Naidu</keyword>, Chief Minister of AP, urged the centre to give Rs 10,000 crore of smaller denominations to the state to overcome the problem of shortage of change. 
 
He also said the State will be happy, if the Centre agrees for 100 per cent subsidy. 
 
He also suggested to the centre to exempt charges to the people who will make on-line transactions.

You Searched For "card tokenization sbi" and got 7 results

Here’s what card tokenization is and how to tokenize debit and credit cards

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Google Pay’s new tokenisation will mask your real debit and credit card numbers before making payments

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Tap your ring or watch to pay! Wearable payment devices are a reality, but challenges remain

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Ahmedabad firm launches platform for selling NFTs of movie auditions, songs and more

IANS

Google Pay partners with Visa bringing tap-to-pay for Indian users

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Google Pay doesn't share Indian customer's transaction data with third parties, says Google

IANS

Demonetisation: Andhra Pradesh just found a way to tackle cash crunch. Here’s how

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