The RBI has issued a circular to all banks for introducing the Card-on-File (CoF) token facility at the level of banks and other institutions to provide convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications.Until now CoF token could only be created through merchant’s application or webpage. With the RBI issuing the circular to banks on Wednesday, the CoF token creation facilities are being made available directly at the issuer bank level.
Read More : Enhanced Security: RBI Guides Banks to Roll Out Card-on-File Token Facility for Customers