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NPCI TOKENIZATION SYSTEM (NTS) LAUNCHED

NPCI TOKENIZATION SYSTEM (NTS) LAUNCHED

Context:

Recently, the National Payments Corporation of India (NPCI) has launched the NPCI Tokenization system (NTS) to enhance the safety of customers and provide a seamless shopping experience to consumers.

The NPCI Tokenization System (NTS):

  • It will support the tokenization of RuPay cards, to provide an alternative for storing card details with merchants.
  • NPCI’s Token Reference On File(TROF) service will help RuPay cardholders to maintain the security of their financial data.
  • With NTS, acquiring Banks, Aggregators, Merchants & others can get themselves certified with NPCI & can play the role of Token Requestor to help save the Token reference number (Token Reference On File) against all card numbers saved.

National Payments Corporation of India (NPCI):

  • It is an umbrella organisation for operating retail payments and settlement systems in India.
  • It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
  • It is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.

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