Card Tokenization: Benefits and Implementation

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What does tokenization in the context above refer to?

Blocking access to card details on merchant websites

Generating a digital token for online purchases

Creating a set of numbers to replace sensitive card data (correct)

Encrypting card information for security purposes

How can card owners initiate tokenization according to the text?

By using smart devices like smartwatches

By generating tokens via card-issuer's website or app (correct)

Through visiting the merchant's website

By contacting the bank's customer service

What benefit does tokenization provide in terms of card security?

Displaying full card information on merchant websites

Preventing unauthorized access to card details (correct)

Enhancing the speed of online transactions

Sharing card data with multiple online platforms

When did the tokenization process mentioned become effective?

1/10/2022 Signup and view all the answers

What is the primary purpose of creating a token to replace sensitive card data?

To protect the cardholder's data from potential hacking Signup and view all the answers

How does tokenization benefit online transactions according to the text?

By providing an additional layer of security for card information Signup and view all the answers

What is the full form of CBS in the context of banking systems?

Core Banking Solution Signup and view all the answers

Which technology enables offline retail payments through UPI?

NFC Signup and view all the answers

What is the purpose of Card Tokenization implemented from October 1, 2022?

Converting sensitive card information into unique tokens Signup and view all the answers

Which payment method has benefits associated with an overdraft facility according to UPI?

UPI Signup and view all the answers

What system was introduced by NACH-ABPS in MGNREGA to disburse payments?

Hybrid / Mixed mode Signup and view all the answers

In the context of banking, what does MDR stand for?

Merchant Discount Rate Signup and view all the answers

'rMQR' in the banking context refers to:

Rectangular Micro QR Code Signup and view all the answers

'FASTag' is primarily used for:

Highway Toll Payment Signup and view all the answers

'Nostro-Vostro' agreements often involve currencies like:

(INR-USD) Signup and view all the answers

What is the purpose of RBI's tokenization norms in online transactions?

To eliminate the need for customers to enter their Cardholder Verification Code (CVC) every time they make a payment Signup and view all the answers

What change do the RBI's tokenization norms bring about in online transactions?

Customers no longer need to enter their CVC every time they make an online payment Signup and view all the answers

Which organizations collaborated to launch the National Common Mobility Card (NCMC) in 2019?

Ministry of Housing & Urban Affairs (MoHUA), NPCi, Bharat Electronics Limited (BEL Company), and some banks Signup and view all the answers

What is the main purpose of FASTags in India?

To allow for automatic toll collection at electronic toll collection gates Signup and view all the answers

How do FASTags work for paying toll fees at highways?

By allowing for automatic toll collection through a prepaid rechargeable tag Signup and view all the answers

What is the significance of the One Nation One Card Model developed by Ministry of Housing & Urban Affairs (MoHUA)?

It provides a single card for various transportation services like train and bus tickets Signup and view all the answers