CURRENT AFFAIRS

Detailed explanation-1: -Google Pay on Monday announced the rollout of tokenisation across its platform that will enable users to safely transact with their debit or credit cards.

Detailed explanation-2: -The Reserve Bank of India’s (RBI’s) card-on-file tokenisation rule is all set to kick in from October 1. Under the new norm, the central bank has made it mandatory for all credit and debit card data used in online, point-of-sale, and in-app transactions to be replaced with unique tokens.

Detailed explanation-3: -Mastercard and Google Pay come together to facilitate tokenization for card-based payments across India. Mastercard and Google today announced the rollout of tokenization that will enable Google Pay users to safely transact using their Mastercard credit and debit cards while enjoying a hassle-free experience.

Detailed explanation-4: -Ans. Normally, in a tokenised card transaction, parties / stakeholders involved are merchant, the merchant’s acquirer, token service provider (card payment network or card issuer), token requestor, issuer and customer. However, an entity, other than those indicated, may also participate in the transaction. 10.