He cited the growing acceptance and benefits of tokenisation of card data while announcing the proposal. For those unaware, RBI introduced new channels for card on file for tokenisation.

RBI introduces CoFT facility at issuer bank level to enhance convenience for cardholders. 56 crore tokens created, with transactions valued at Rs 5 lakh crore. CoFT reduces friction associated ...

The Reserve Bank of India has allowed card-on-file tokenisation (CoFT) through card issuing banks or institutions to provide cardholders with an additional choice to tokenise their cards for ...

The RBI on September 7 announced that it was allowing card-on-file tokenization for e-commerce companies, citing the security of card data.

RBI enables Card-on-File token creation facility directly at the issuer bank level The central bank had introduced CoFT in September 2021 and began implementation from October 1, 2022.