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ESG
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.
What is tokenisation in banking?
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!
What is card tokenisation?
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.
How does payment tokenisation work?
Here’s how the payment tokenisation process works:
- Transaction initiation: A user enters card details or uses a digital wallet to authorise the payment.
- Token generation: The bank or the payment processor will replace the card details with a unique token.
- Token transmission: The token is transmitted to the merchant instead of the actual card details.
- Transaction authorization: The bank verifies the token, validates the transaction, and processes the payment securely.
- Completion: The procedure makes sure the transaction is entirely complete without revealing the sensitive data to anyone.
Thus, the protocol ensures that the intercepted information of a digital payment transaction cannot be used to facilitate fraudulent transactions.
Key advantages of tokenisation
Listed below are some of the key advantages of tokenisation:
1. Enhances security
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.
2. Lowers the burden of compliance
As businesses do not store card details, there is less need for regulatory requirements. Hence, less cost and administrative efforts are needed.
3. Facilitates easy transactions
With tokenised card details in the digital wallet, customers can safely store their information, which makes transactions quick and seamless across several platforms.
4. Ensures multi-channel payment security
Tokenisation will safeguard online payments, in-app payments, and contactless payments with standard security across various channels of payments.
5. Prevents card data theft
Even if attackers acquire a token, they will not be able to make fraudulent spends with it.
Tokenisation and IDFC FIRST Bank: Smooth digital payments
IDFC FIRST Bank ensures that the smooth digital payments are well-protected by tokenisation technology. Customers can benefit from:
- Secure transactions: It safeguards all your debit card and credit card details for any type of transaction on the internet.
- Easy mobile wallet transactions: Your mobile wallet can save all tokenised cards within itself, resulting in faster transactions.
Benefits of digital savings account at IDFC FIRST Bank
Take a look at the benefits of a IDFC FIRST Bank digital savings account:
- Competitive rates of interest: Earn competitive interest rates on funds in savings account.
- Earn from monthly interest accruals: Get your interest credited monthly, which could improve your finances even better.
- Free banking charges: Most necessary banking operations are free.
- Unrestricted ATM withdrawal: Withdraw as much as you can from ATMs without paying anything extra.
- Easy online account opening: Open your account digitally through a video KYC process.
Conclusion
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.