In today’s world of online transactions and UPI payments, protecting your credit and debit card details from fraud is crucial. Tokenization offers an added layer of security. Here’s a quick overview:
What is Tokenization?
Tokenization replaces your card details with a unique digital identifier called a “token.” This token is used instead of your actual card number during transactions, safeguarding your financial data across platforms.
Benefits of Tokenization:
1. Enhanced Security: Your real card details are hidden, reducing the risk of fraud. Even if someone intercepts the token, it can’t be used for unauthorized transactions.
2. Convenient: Payments remain quick and easy, just like before, but with added security.
3. Universal Use: Works across online purchases, contactless payments, and more.
4. No Physical Card Needed: Once tokenized, you can complete transactions without entering card details each time.
Registration Process:
1. Select Tokenization: On a merchant’s payment page, choose the tokenisation option.
2. Enter Details: Input your card details for the first time to create a token.
3. Authenticate: Verify your details via OTP or your banking app.
4. Generate Token: The merchant creates a token that will be used for future transactions with them.
Limits:
You can tokenize as many cards as you like, ensuring security and convenience across all your cards.
Token Management:
Manage your tokens through most merchants or payment gateways, adding or removing tokens as needed.
Enable on UPI:
Link your credit card to a UPI app to enable tokenization for added security.
Tokenization is a straightforward way to enhance your card’s security while maintaining ease of use for online and contactless payments.