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The Reserve Bank of India (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) is ready to bring its <keyword id="15011914" type="General" weightage="20" keywordseo="card-on-file-tokenisation-norms" source="Orion">card-on-file tokenisation norms</keyword> into effect from October 1 after various complaints were filed regarding the misuse of debit or credit cards. Several people were cheated in the last few years by cyber frauds because they have stored their card data on the merchants website for future payments. Lets us understand what these new norms are and why you should <keyword id="14818784" type="General" weightage="20" keywordseo="tokenise-your-card" source="Orion">tokenise your card</keyword>. Firstly, <keyword id="7203297" type="General" weightage="20" keywordseo="tokenisation" source="Orion">tokenisation</keyword> means the details of your cards such as 16-digit number, names, expiry dates and codes which you used to save earlier for the future payments will now be replaced by a token. The token is used by the merchant's website for the transaction. The RBI is implementing these norms of tokenisation in order to secure the card details of the customers. Currently, the bank card details are saved by a merchant during a transaction. If, the merchant's website is hacked, the details of the customers will be exposed. Post implementation of these norms all the customers data will be with the bank and not with the merchant website. Securing/Tokenisation also helps you save the hassle of inputting your complete card details each time. Customers need not have to pay any charges for availing this service. Post implementation of these norms, customers have to follow below mentioned steps to get their cards tokenised. Step 1: Visit your favourite online application/website to purchase grocery, pay bills or order food and initiate a transaction. Step 2: In the check-out page, select HDFC Bank Credit/Debit Card and provide CVV Step 3: Tick mark the check box "Secure your Card" or "Save Card as per RBI guidelines" Step 4: Enter the OTP received on your registered mobile number Step 5: Congratulations!!! Your card details are now secured. Once the customer tokenised their cards they will be able to recognise their details on the merchants website using the last 4 four digits of the cards, which is the only data the merchant will be able to save on their portal. Further banks will provide a portal to their customers to view or manage their tokenised cards. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/sustainability-forum-shifting-gears-evaluating-the-road-to-sustainable-mobility/articleshow/94248881.cms">Sustainability forum: Shifting gears — ‘EV’aluating the road to sustainable mobility</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ujjivan-raises-475-crore-through-qip-strong-participation-from-quality-long-term-investors/articleshow/94245879.cms">Ujjivan raises ₹475 crore through QIP; Strong participation from quality long-term investors</a>

RBI ready to bring card tokenisation norms into effect from October 1

The <keyword id="7656598" type="General" weightage="20" keywordseo="merchant-payments" source="Orion">Merchant Payments</keyword> Alliance of India (MPAI) and the Alliance of <keyword id="1929810" type="General" weightage="20" keywordseo="digital-india" source="Orion">Digital India</keyword> Foundation (ADIF) on Wednesday urged the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) to extend the card-on-file (CoF) tokenisation deadline of December 31 for merchants. Citing several operational challenges that will hinder the transition to the token-based payments ecosystem, the industry bodies voiced their concerns over industry readiness on the RBI directive on card-on-file tokenisation. MPAI and ADIF said that 'ecosystem readiness' is a sequential process of going live with stable API (application programming interface) documentation for tokenised transactions. The digital payments ecosystem is a long way from consumer-ready solutions and unless regulated entities are compliant, merchants will not be able to successfully process tokenised transactions, they said in the joint letter. "In the scenario that banks are lax on preparedness, the brunt of that will be borne by merchants in the form of loss of revenue - we are looking at revenues losses of anywhere between 20-40 per cent at the minimum should that be the case," said Sijo Kuruvilla George, Executive Director, ADIF. The RBI in September prohibited merchants from storing customer card details on their servers with effect from January 01, 2022, and mandated the adoption of CoF tokenization as an alternative to card storage. The industry bodies said that if implemented in the present state of readiness, the new RBI mandate could cause major disruptions and loss of revenue, especially for merchants. "This unpreparedness will impact recent digital payments adopters even deeply. The frequency and intensity of phishing attempts will go as entire card details are to be entered for each transaction, causing a significant increase in irreversible fraudulent transactions," said Vishal Mehta, Chair of Governing Council, MPAI. Based on the set of guidelines that have been mandated by the RBI, sensitive customer information is to be stored in the form of an encrypted 'token' to help secure transactions. These tokens then allow payments to be processed without disclosing the customer details or allowing the payment intermediaries to store customer data that could breach security and privacy. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/tiktok-scores-higher-traffic-ratings-than-google-to-become-the-most-popular-domain-in-2021/slidelist/88403667.cms">People looked up TikTok more than Google making the short videos app the most popular domain in 2021</a> <a href="https://www.businessinsider.in/tech/apps/news/upcoming-whatsapp-new-features-will-enhance-admin-control-in-groups-add-shortcut-for-quick-replies-and-more/articleshow/88387262.cms">Upcoming WhatsApp features: New admin controls, shortcuts for quick replies, message reactions and more</a>

Merchant bodies urge RBI to extend card-on-file tokenisation deadline citing operational challenges

<ul><li>Google announced that its bringing tokenisation of credit and debit cards to Google Pay during their annual event, <keyword id="8120597" type="UNKNOWN" weightage="20" keywordseo="google-for-india-2019">Google for India 2019</keyword>. </li><li>This will allow users to mask their real card numbers when making payments to third party merchants using Google Pay. </li><li>Tokenisation shares a random token number rather than the actual number of the card to conduct the transaction. </li></ul>Google Pay’s is finally bringing its tokenisation system to India — a feature which allows you to mask your real debit and credit card numbers before making a payment. It was launched in India four years after it was available worldwide. Yet, Caesar Sengupta, Google’s General Manager and Vice President of Payments and Next Billion Users stated, “India is setting the global standard on how to digitise payments,” during the <a href="https://www.businessinsider.in/google-for-india-2019-everything-you-need-to-know/articleshow/71199981.cms">Google for India 2019</a>. Tokenisation allows users to hide their card numbers by issuing a digital token bound their devices, to make a transaction. Once the transaction is complete, the token ceases to exist. It’s a lot like exchanging money for tokens at a casino, according to <a href="https://www.advantio.com/blog/mobile-payments-with-digital-wallets-and-tokenization-how-google-pay-apple-pay-and-samsung-pay-protect-your-card-details">Advantio</a> — a cyber security research organisation. A visitor is the only person who can exchange their money for tokens and vice versa. Should someone else try and use that token — they would not be able to at another casino. Advantio calls this ‘devaluation’ since it deters crime and limits the thief’s field of action. How does tokenisation work? There are two ways in which tokenisation works. One, is the tap and pay method. Users just have to tap their phones against a Bharat QR or near field connectivity (NFC) terminal to make a payment. If the transaction in under ₹2,000, there’s no need to input their PIN number. In order for this to work, the user’s smartphone needs to be NFC-capable. Even for online transactions, tokenised cards can be used to make payments without disclosing the user’s card number to the vendor or merchant through Google Pay. Only the randomised card number is shared. Each token is unique to the card number that it represents. The randomisation of numbers happens on the user’s mobile device itself, which has an encryption key in memory, that is used to generate and decrypt limited-use and single-use keys. According to Google, this makes the process more secure by adding a layer of security. The feature will initially roll out for VISA cards with HDFC Bank, Axis Bank, Kotak, Standard Chartered, and the State Bank of India (SBI). Later this year, Google will add more banks, RuPay and MasterCard to the process. See also: <a href="https://www.businessinsider.in/google-for-india-2019-everything-you-need-to-know/articleshow/71199981.cms">Google is adapting its technology for India and its many languages</a> <a href="https://www.businessinsider.in/how-to-use-google-pay-for-business-and-google-spot/articleshow/71200402.cms">Google Pay for Business and Google Spot launched to digitise small business owners</a> <a href="https://www.businessinsider.in/google-for-india-2019-google-assistant-for-2g-users-and-multiple-indic-languages/articleshow/71200745.cms">Data starved Indians in remote areas can now call the Google Assistant hotline</a>

Google Pay’s new tokenisation will mask your real debit and credit card numbers before making payments

<ul class="summary-list"><li><keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">Cryptocurrency</keyword> exchange-traded-funds are being actively considered by US regulators, the Financial Times reported chairman <keyword id="4029488" type="PERSON" weightage="60" keywordseo="jay-clayton">Jay Clayton</keyword> saying at a conference.</li><li>The US Securities and Exchange Commission is working with other financial agencies to establish whose jurisdiction various crypto-products would fall under, he said.</li><li>"Our door is wide open — if you want to tokenise the <keyword id="6357062" type="DEFINITION" weightage="60" keywordseo="ETF">ETF</keyword> product in a way that adds efficiency, we want to meet with you and we want to facilitate that. Of course you have to register it and do what you would do with any other ETF," the chairman said.</li></ul>The US Securities and Exchange Commission is working on <keyword id="50323" type="ENTERTAINMENT" weightage="60" keywordseo="regulations">regulations</keyword> that may one day authorize the use of cryptocurrency exchange-traded-funds, the <a href="https://www.ft.com/content/9f2c1303-678e-486e-b3f1-d4f234f85f47">FT</a> reported chairman Jay Clayton saying at a <a href="https://www.youtube.com/watch?v=h3eKQRT7hbk">conference</a>.The securities regulator is working with other financial agencies like the Office of the Comptroller of the Currency and the Commodity Futures Trading Commission to establish how each body would regulate different crypto-products, Clayton said at the discussion on "Innovation &amp; Regulation of Digital Assets."Clayton is attempting to shed the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword>'s image of being rigid about cryptocurrencies. The regulator <a href="https://blockchain.bakermckenzie.com/2020/08/31/u-s-sec-approves-the-first-full-securities-registration-for-a-company-issuing-crypto-tokens/">approved its first securities registration</a> for a company issuing crypto-tokens through a public offering in August this year."Our door is wide open — if you want to tokenise the ETF product in a way that adds efficiency, we want to meet with you and we want to facilitate that. Of course, you have to register it and do what you would do with any other ETF," Clayton said.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-jim-osman-investing-expert-3-winners-2020-10" target="_blank" rel="noopener noreferrer">200-plus money managers pay thousands to see which stocks are on Jim Osman's buy list. He details 2 he sees doubling and says one has at least 50% left to soar.</a>Token contracts allow digital assets to represent a single security, like stocks, funds, or ETFs. Firms like Franklin Templeton and WisdomTree have already begun exploring this concept, according to the FT.Clayton said some of the initial crypto pioneers failed to consider investor protection and market efficiency."One of the problems we've had was [that] we got off on the wrong foot in this innovation," he said, adding that there were still members of the financial communties that favored a more unregulated approach.The SEC has previously had to issue cease-and-desist orders to companies for conducting unregistered security offerings in the form of initial-coin-offerings (ICOs), a method of funding via cryptocurrencies."What we don't like is when someone says: 'you know, the function is payments, so you really ought to look past the securities law stuff'," Clayton said. "I can't do that.""Don't tell us it's a payment system when it's actually a financing vehicle."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-21-potential-future-index-leaders-goldman-sachs-2020-10" target="_blank" rel="noopener noreferrer">GOLDMAN SACHS: Buy these 21 high-growth stocks that have huge upside potential as future index leaders</a>

Cryptocurrency ETFs could soon be a reality now that regulators are actively studying them, SEC chair Jay Clayton says

A team of UK researchers has now linked excessive weight, and not high blood sugar, with an increased risk of long <keyword id="8764262" type="General" weightage="20" keywordseo="covid" source="Orion">Covid</keyword>. Early in the pandemic, research identified diabetes and <keyword id="6364492" type="General" weightage="20" keywordseo="OBESITY" source="Orion">obesity</keyword> as risk factors for becoming severely ill with Covid-19. "We know that many people living with type 2 diabetes are also carrying <keyword id="1269769" type="General" weightage="20" keywordseo="excess-weight" source="Orion">excess weight</keyword>. Our early findings support the idea that obesity-related mechanisms may be responsible for the excess risks of Covid-19 associated with diabetes, rather than high blood sugar per se," said Dr Anika Knuppel from University College London. The findings, to be presented at European Association for the Study of Diabetes (EASD) annual meeting in Stockholm, Sweden (September 19-23), were announced after a meta-analysis of over 30,000 UK adults from nine large prospective cohort studies. Previous research showed that people with diabetes and obesity are more likely to become severely ill and die if they catch Covid-19, but are no more likely to contract it. However, the underlying mechanisms, and their role in prolonged post-Covid-19 symptoms (long Covid), remained unclear. To find out more, researchers looked for associations between a range of clinical characteristics measured before the pandemic -- HbA1c (average blood sugar level), self-reported or medication-based diabetes, body mass index (BMI) and waist-to-hip ratio (WHR) -- and self-reported Covid infection and long Covid. Long Covid was defined as symptoms that went on or affected functioning for longer than four weeks post-infection and was compared to those reporting symptoms for less than four weeks. "Our early findings suggest a link of adiposity with Covid-19 infection and long Covid even after taking into account socio-demographic factors and smoking. We need to further explore what makes overweight and obesity at risk of worse outcomes and how this relates to severe casesa, Knuppel explained. The authors acknowledged that the study was observational and cannot prove that higher BMI increases the risk of Covid-19 infection, and they cannot rule out the possibility that other factors (underlying conditions) or missing data may have affected the results. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/domestic-discord-addiction-the-top-causes-of-suicides/articleshow/94269978.cms">Domestic discord, addiction the top causes of suicides</a> <a href="https://www.businessinsider.in/finance/news/rbi-ready-to-bring-card-tokenisation-norms-into-effect-from-october-1/articleshow/94268765.cms">RBI ready to bring card tokenisation norms into effect from October 1</a>

Obesity is linked to long Covid risk

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>British mobile wallet startup Yoyo has closed a $10 million Series A funding round and is now eyeing the US as part of its "global ambitions," co-founder Alain Falys told Business Insider.Launched at the start of 2014, Yoyo is one of an increasingly crowded field of mobile apps that lets users pay for goods with their smartphones. It distinguishes itself with its narrow focus - university campuses - and its ability to offer deals to its customers and marketing data to retailers.Over the last year or so, Yoyo has seen strong growth and currently processes 150,000 monthly transactions. This makes it the second-largest mobile wallet in Britain, the co-founders say - second only to Starbucks' own app.Like Starbucks' app, it processes payments using QR codes: The user preloads money onto the wallet, and then at the point of sale, a unique QR code is generated for each transaction. The retailer then scans the code to receive the payment. This doesn't require proprietary technology, just a 2D barcode-scanner - already found in around 50% of retailers.First launched at Imperial College London, Yoyo has now spread to 15 other British universities as part of its focus on "closed environments" and is the process of expanding further. (<a href="http://www.cityam.com/1417140113/exclusive-london-startup-yoyo-mobile-payments-app-deal-airasia">A partnership with AirAsia for in-flights payments is another example of one of these "closed environments."</a>) It is growing 25% month-on-month.<div class="KonaFilter image-container display-table float_left"><div><div class="image"></div></div></div>At universities where the app has rolled out, it can account for between 25 and 50% of all transactions on campus. For reference, contactless payments hover far lower, around 5 to 8%. And Yoyo's customers are sticking around: The founders claim a "stickiness" rate of around 80%, and they say Yoyo users spend more than non-users per transaction on average.The benefit of using Yoyo (besides the nominal convenience) is rewards - again, like Starbucks' app, users can accrue points from retailers, which can then be redeemed for offers or shared. And on the retailer side, there's access to a swathe of purchasing data, letting them track and target customers more effectively.<a href="http://techcrunch.com/2013/09/10/yoyo-raises-1-2m-to-launch-new-kind-of-mobile-payment-and-loyalty-platform/">A $1.2 million seed round in 2013 was led by Imperial College-affiliated Imperial Innovations</a> - and the organisation returns again to lead the $10 million Series A. Other investors include a number of figures from London's FinTech Innovation Lab scene, including Taavet Hinrikus, cofounder of money transfer platform TransferWise, the founders of Money20/20, Philip Riese, former President of American Express Consumer Cards, and former TeleCity Group CEO Michael Tobin.Hinrikus in particular has also been a recent beneficiary of VC money, <a href="http://uk.businessinsider.com/transferwise-58-million-andreessen-horowitz-2015-1">with a $58 million funding round earlier this year led by Andreessen Horowitz valuing TransferWise at a rumoured $1 billion</a>. It's part of a wave of Silicon Valley investor cash pouring into London, <a href="http://uk.businessinsider.com/transferwise-1-billion-fintech-revolution-banks-2015-1">targeting FinTech startups at the expense of the established banks</a>.<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>With a fresh $10 million in the bank, Yoyo cofounders Michael Rolph and Alain Falys say they are doubling down on their engineering and product, expanding the company's 25-strong workforce. They are also planning international expansion, hoping to launch in five US colleges (they won't yet say where) before the end of the year. The funds provide a 24-month runway to consolidate Yoyo's position and make these "global ambitions" a reality, Falys says.As a university-based payment app with a focus on rewards, comparisons with the infamous Clinkle are perhaps inevitable. <a href="http://www.businessinsider.com/lucas-duplan-raises-25-million-seed-round-for-clinkle-2013-6?IR=T">After massive hype and a record-breaking $25 million seed round</a>, the app succumbed to a quagmire of developmental difficulties and has become a cautionary tale of over promising and under delivering.Rolph says the lessons are clear: "Don't raise too much without a clear vision." He points to the Yoyo team's background in FinTech as evidence they have what it takes. (Rolph has previously worked with money transfer service Azimo and Seedcamp, and Falys has been a Visa exec. Other employees' backgrounds include PayPal and Mastercard.)A more serious threat to Yoyo is the ambitions of Apple and Google. Both mobile giants are working on their own mobile wallets - Apple Pay and Google Wallet respectively. <a href="http://thenextweb.com/apple/2015/02/24/visa-announces-credit-card-tech-that-could-speed-up-apple-pays-arrival-in-europe/?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+TheNextWeb+%28The+Next+Web+All+Stories%29">Visa recently announced plans to introduce "tokenisation" technology in Europe</a>, one of the last hurdles to the roll-out of Apple Pay on the continent.Yoyo hopes its rewards, combined with the valuable consumer data it can provide to retailers, will help to set it apart from Google and Apple's offerings. Whether the consumers themselves will think it's worth it remains to be seen. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/order-wine-expensive-restaurant-2014-9">Here's How To Order Wine In A Restaurant Without Paying Through The Nose</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="4zamFkcDrK5AIeYom4innxVbMycsokgp" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "what is tokenisation" and got 6 results

RBI ready to bring card tokenisation norms into effect from October 1

IANS

Merchant bodies urge RBI to extend card-on-file tokenisation deadline citing operational challenges

IANS

Google Pay’s new tokenisation will mask your real debit and credit card numbers before making payments

Prabhjote Gill

Cryptocurrency ETFs could soon be a reality now that regulators are actively studying them, SEC chair Jay Clayton says

Shalini Nagarajan

Obesity is linked to long Covid risk

IANS

Mobile wallet app Yoyo eyes US expansion after a fresh $10 million of funding in the bank

Rob Price

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