Six digital payment trends that may simplify tokenisation in India. Details here
Visa, the global leader in digital payments, unveiled a comprehensive report detailing how tokenisation is driving India's digital economy. The report, «Enabling the Digital Shift: Tokenisation in India’s Economic Landscape», marks one year since the effective date of the RBI’s mandate on tokenisation for e-commerce transactions.
Vasudevan P, Executive Director, RBI, while commenting on the report, said, “The Visa report provides valuable insights into the transformative role of tokenisation in India's digital payments landscape. As the country pushes towards a digital economy with an increasing volume of transactions, tokenisation has immense potential to further digitise the payment ecosystem. We appreciate the efforts of all ecosystem players, including Visa, in championingtokenisation and highlighting its benefits. With a substantial 560M tokens already in circulation and a fast-paced growth rate, we foresee tokenisation becoming a pivotal force in the evolution of digital payments."
Sandeep Ghosh, Group Country Manager for India & South Asia at Visa, commented, «The RBI’s visionary policies and supportive regulatory framework have positioned India as a global leader in digital payments. This has catalysed the rapid growth of digital payments and the seamless implementation of innovations like tokenisation. We, at Visa, are proud to have issued over 300M tokens in India, and by embracing innovations such as biometric authentication, contactless payments, and integrated commerce solutions, we aim to enhance customer experiences, reduce fraud, and drive the expansion of digital payments.»
The report provides a comprehensive view of India’s tokenisation journey.
Simplified Payments: Tokenisation will make payments
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