Visa provisions over 10 crore CoF tokens in India

BL Mumbai Bureau | | Updated on: Jun 28, 2022
Representative image

Representative image | Photo Credit: SARINYAPINNGAM

‘Tokenised transactions have clocked 4.5X growth over the past two months’

Payments major Visa on Tuesday announced it has provisioned over 10 crore card-on-file (CoF) tokens in India.

“This landmark has been achieved in line with the Reserve Bank of India‘s guidelines on CoF tokenisation, focusing on two key benefits—consumer and ecosystem security and an enhanced checkout experience,” said the company in a statement.

Sandeep Ghosh, Group Country Manager — India and South Asia, Visa, said the company has in recent months worked closely with banking partners and merchants to drive consumer awareness as well as technology enablement for seamless adoption of card tokenisation.

“Tokenised transactions have seen significant adoption across merchants, clocking 4.5X growth over the past two months. We expect this momentum to continue in the coming months as the ecosystem migrates to tokenised payments,” Ghosh said.

Published on June 28, 2022
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