RBI expands the Scope of COFT
On 20th December, 2023, in order to make digital payments more secure, safe and sound the Reserve Bank of India (RBI) enabled card-on-file tokenization (CoFT) through card issuing banks and institutions.
- It is aimed to enhance convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications.
CoFT through Card Issuers – Requirements
- Generation of CoF Tokens for a card, through the card issuer, can be enabled through mobile banking and internet banking channels.
- CoFT generation shall be done only on explicit customer consent, and with AFA validation. If the cardholder selects multiple merchants for which ....
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