How does the tokenisation of card transactions result in the enhancement of digital payment ecosystem in India ? (150 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 5 years
KEY POINTS
· Tokenisation, is a process in which sensitive card information is replaced with a randomly generated unique token or symbol.
· Tokenisation is a highly-secure method of protecting card credentials. It is a process in which sensitive card information is replaced with a randomly generated unique token or symbol.
· These tokens would ensure that sensitive card data is not transmitted or stored in an unsecure format.
· The data-centric security approach focuses on substituting the sensitive data with a non-sensitive equivalent that is meaningless or has no value to those who are trying to source the data.
· The primary advantage of tokenisation is security, and over time it can be integrated with other technologies.
· At no point does card data ever get stored within the retailer’s environment.
· Further, tokenisation can be the answer to securing not just payments, but other aspects of commerce as well, including the transmission and storage of electronic health records and age verification identity checks, among others.
· Moreover this provides insulation to the cyber security attacks and prevents the leakge of information to the hackers, thereby earning the trust of users.
· This tend to increase the online transactions and improves the use digital mode of payments.
Tapasvi 5 years
Kindly review
IAS Parliament 5 years
Good answer. Keep Writing.
AP 5 years
Answer
IAS Parliament 5 years
Good answer. Keep Writing.
