NTS Platform: The National Payments Corporation of India (NPCI) has recently launched the NPCI Tokenization System (NTS) Platform.
- NTS has been launched to further enhance the safety of customers and provide a seamless shopping experience to consumers.
- It will support the tokenization of RuPay cards, to provide an alternate for storing card details with merchants.
- With NTS, acquiring Banks, Aggregators, Merchants and others can get themselves certified with NPCI which in turn will help them in playing the role of Token Requestor.
- NPCI’s Token requestor will help in save the token reference number (Token Reference on File (TROF)) for all the saved card numbers.
- Token Reference On File (TROF) service will help RuPay cardholders, to maintain the security of their financial data.
Note: The merchants are required to meet the Tokenisation by January 1, 2022.
- National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments in India.
- It was founded in 2008.
- It has been incorporated as a Not for Profit Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).
- It is an initiative of Reserve Bank of India (RBI) and Indian Banks Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007 for creating a robust Payment & Settlement Infrastructure in India.
- It is headquartered in Mumbai, Maharashtra.
- The current MD & CEO of NCPI is Dilip Asbe.