RBI Allows Card Transactions Through Watches And Bracelets.
Tokenized card transactions are considered more secure because the actual card details are not disclosed to the merchant in the process.
Soon, online card transactions will also be available through “wearables” such as watches and straps, because the Reserve Bank of India (RBI) has decided to expand the ability to conduct online activities through these computers, in addition to mobile phones and tablets already in use.
“The facility is only available for mobile phones and tablets of interested cardholders… In the past few months, the transaction volume of tokenized cards has increased. In reviewing the framework and considering the stakeholder’s When commenting, it was decided to expand the scope of tokenization to include laptops, desktops, wearable devices (watches, bracelets, etc.), Internet of Things (IoT) devices and other consumer devices,” a notice issued by the Reserve Bank of India Said.
The process of conducting transactions through such devices is called tokenization. In other words, tokenization means replacing the actual card details with a replacement code called a “token”, which is unique to the combination of the card, the token requestor, and the identified device.
Tokenized card transactions are considered more secure because the actual card details will not be disclosed to the merchant in the process.
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