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Card On File Tokenisation (CoFT) : RBI

Card On File Tokenisation (CoFT) : RBI

RBI has moved to introduce card-on-file tokenisation (CoFT)

  • The word tokenisation refers to the replacement of an actual card number with an alternative code which will be converted into a token.
  • It is considered safer as the actual card details are not shared with the merchant during transaction processing.
  • Card-on-File: A CoF transaction is a transaction where a cardholder has authorised a merchant to store the cardholder’s Mastercard or Visa payment details e.g. e-commerce companies, and hotels generally do it.

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