Card-on-File Tokenization (CoFT)

  • Recently, RBI has introduced new channels for CoFT.
  • The tokenization process is used to replace card details by a unique token or code.
  • It allows secure online purchases without exposing sensitive details like card number, card verification value (CVV), etc.
  • It has been implemented since 2022 and at present, a CoFT token can only be created through merchant’s application or webpage.
  • It is now proposed to introduce CoF token directly at the issuer bank level.
  • The new step aims to eliminate the duplication of tokenization process at each app along with increased transaction security, resulting in reduced card-data-related ....
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