đOver 560 Million Tokens Issued for Safer E-Commerce Transactions đł
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.
đ 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'.
đ 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.
đ Rising Against Cyber Threats
The report, âEnabling the Digital Shift: Tokenisation in Indiaâs Economic Landscapeâ, also highlights the urgency of such measures against the backdrop of escalating cyber attacks - a sevenfold increase from 2018 to 2022.
đ 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.
𧩠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.
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