🌐Over 560 Million Tokens Issued for Safer E-Commerce Transactions 💳

A recent study by Visa reveals a groundbreaking achievement in India's digital payment sector. Since October last year, over 560 million tokens have been issued, enhancing transaction safety and bolstering the country's shift towards a digital economy.

🚀 Tokenisation: A Game-Changer in Digital Payments

In a pioneering move by the Reserve Bank of India (RBI) on October 1, 2022, the tokenisation facility was implemented for e-commerce transactions. This innovative approach involves replacing actual card details, such as the 16-digit number, with a unique alternate number or 'Token'.

🌟 Visa's Substantial Contribution

Of the impressive 560 million tokens, Visa alone has issued 300 million in India. This figure forms a significant part of Visa's global issuance of over 7.5 billion tokens. The impact? A notable rise in card authorisation rates by 4.5% since tokenisation's introduction.

📈 Rising Against Cyber Threats

The report, ‘Enabling the Digital Shift: Tokenisation in India’s Economic Landscape’, also highlights the urgency of such measures against the backdrop of escalating cyber attacks - a sevenfold increase from 2018 to 2022.

📊 Industry Insights: Reduced Risk and Enhanced Experience

Approximately 94% of industry executives surveyed acknowledged the diminished risk of data breaches due to tokenisation. Nearly half observed an improvement in payment experiences.

🧩 Tokenisation: Smooth Implementation, Minor Challenges

The journey towards tokenisation has been predominantly smooth, with three-quarters of executives reporting only minor issues. The primary challenges noted were complex integration, clarity in regulatory guidelines, and customer education.

📣 Stay updated with @TheBlockopedia for more insights into the evolving world of digital payments and blockchain technology.

#DigitalPayments #Tokenisation #crypto #cryptocurrency #crypto2023A

BlackRock Tokenizes Fund for Accredited Investors on Ethereum Blockchain; Ethereum Layer 2 Adoption Trends High Post-Dencun Upgrade

The highly anticipated Dencun fork on Ethereum's network, implemented on March 13, has spurred a surge in adoption of Layer 2 solutions. Following the upgrade, active addresses and transaction volumes are approaching all-time highs, indicating growing confidence in the scalability improvements brought about by the fork. Notably, daily Layer 2 throughput reached its second-highest level on record just days after Dencun's execution, with transaction counts doubling on leading networks supporting the upgrade's key features.

Moreover, the reduced fees on Layer 2 networks, down by over 80% post-Dencun, have led to a significant migration of on-chain traders from the Ethereum mainnet. This shift comes amidst persistently high transaction fees on Ethereum, contributing to an increase in ETH burn-rate. Additionally, Ethereum Foundation's Tim Beiko has issued a "final announcement" urging testnet users to transition to Sepolia or Holesky as the long-standing Goerli network is set to be deprecated on March 18, highlighting the ongoing evolution within the Ethereum ecosystem.

#RWA #Tokenisation