SBI Token System: SBI Card and Payment Services (SBI Card and Payment Services), a credit card issuer, has completed the ground level preparations for adopting the token system. The purpose of this system, which will be released in October, is to protect people from fraud and prevent data theft. Under the token system, the code number i.e. token number is used instead of the actual card details.
This arrangement of the Reserve Bank of India is considered safe in terms of transactions. Because, in this, the actual details of the card are not shared with the merchants at the time of transaction. SBI Card Managing Director and Chief Executive Officer (CEO) Ram Mohan Rao Amara said- As far as readiness is concerned, in terms of technology, in terms of integration with all networks, we are the ones like Visa, Mastercard and RuPay. All ready with network.
Regarding the card token system, Amara said – This is a good initiative to protect the interest of the customers and keep the data safe. It is noteworthy that the Reserve Bank of India has extended the deadline for adopting the token system by three months to 30 September. The RBI took this step after considering the representations received from various parties. Earlier, its deadline was June 30.
Amara said, a large part of the spending is at the level of big traders, they have already been given tokens. In the case of small merchants, the process is on. The country’s largest bank SBI promoted SBI Card has also announced the issuance of a new credit card. Cashback has been specially looked into in this.
The official said- There is a new trend among consumers. They demand immediate ‘cashback’. Keeping this attitude in mind, we are issuing this credit card. This is the first card of its kind in the industry. On consumer spending trends, Amara said the figures for the last five months are quite strong.
It crossed Rs 1,000 billion in July, which has now become a new trend in the industry. He said that the reason for this is the increase in the expenditure done after thinking. This has increased especially in areas where there was a slowdown earlier. Domestic travel and hotels have reached pre-Covid levels.