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Have you wondered how your phone or smartwatch can pay for things without sharing your actual card number? That’s where tokenisation comes in! With digital transactions on the rise, ensuring secure payments is paramount for both financial institutions and customers. Tokenisation provides an extra layer of security when you pay online. Let’s understand how it works and its benefits in detail.
Tokenisation in banking aims to keep your credit or debit card safe when you use it online or with your phone. Instead of giving out your real card number, it is replaced by a unique token each time you pay. The token can then be used for transactions without exposing the real card details for safer payments. Tokenisation is built into your mobile banking app, payment apps like Google Pay, mobile wallets, e-commerce, and other digital banking platforms, completely free of charge.
Have you ever used your smartphone to pay? That’s tokenisation at work!
Card tokens do not store actual card numbers. Instead, they use mapping with tokens that can't be hacked or misused by cybercriminals. Thus, even if a hacker gets the token, it will not work without the original mapping system kept safe and sound with the bank or payment network.
Tokenisation is the shield that transforms digital payments into a matter of security and trust.
Here’s how the payment tokenisation process works:
Thus, the protocol ensures that the intercepted information of a digital payment transaction cannot be used to facilitate fraudulent transactions.
Listed below are some of the key advantages of tokenisation:
Tokenisation highly minimises the exposure for fraud and the leakage of valuable information as the actual details of a transaction will not be needed to be processed.
As businesses do not store card details, there is less need for regulatory requirements. Hence, less cost and administrative efforts are needed.
With tokenised card details in the digital wallet, customers can safely store their information, which makes transactions quick and seamless across several platforms.
Tokenisation will safeguard online payments, in-app payments, and contactless payments with standard security across various channels of payments.
Even if attackers acquire a token, they will not be able to make fraudulent spends with it.
IDFC FIRST Bank ensures that the smooth digital payments are well-protected by tokenisation technology. Customers can benefit from:
Take a look at the benefits of a IDFC FIRST Bank digital savings account:
Tokenisation is changing the digital payment game; it's an extremely secure, seamless, and fraud-resistant way of making payments. With digital banking at IDFC FIRST Bank, customers are assured of a safer, faster payment environment combined with all the benefits of high-interest savings, zero-fee banking, and digital-first convenience.