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Indian central bank issues rules for tokenizing card transactions

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Indian central bank issues rules for tokenizing card transactions

The Reserve Bank of India has issued guidelines for tokenizing card transactions.

Under the new rules, authorized card payment networks may offer card tokenization services to any third-party app provider, subject to certain conditions. Tokenization is a process in which a unique token masks sensitive card details. This token is used to perform card transactions in contactless mode at payment terminals.