Everything Need to Know About Tokenization of Kash Cards

To safeguard the interests of the credit and debit card users who make online transactions against cyber theft, fraud, and other crimes, Kash IO has tightened the requirements for tokenization. In the most recent circular, no one in the payment or transaction chain (other than card issuers or card networks) should store any real cards (debit or credit cards) information.

Any data that was stored before this will be erased. Additionally, for tracking transaction purposes, companies can keep restricted data, for example, the last four digits of an actual card number as well as the issuer's name.

What is the tokenization of Kash cards? What is its impact on the individual user? Find out more!

What is tokenization or cards?

When you make a purchase or conduct transactions online and you are a debit or credit card holder, will need to input your 16-digit credit card's number as well as expiration information and CVV, which is followed by an OTP confirmation. In certain cases, the card details are already saved however in other cases it is necessary to enter them manually. Although transactions are safe they are also vulnerable to cyber-attacks. This is why tokenization is a factor.

Tokenization is the process of replacing card information with a code that is referred to as a token. It's a unique code comprised of random numbers, which cannot be intended to be used or stolen. Therefore, even in the event of any data breach, the details of the customer's account are usually considered safe, and the tokens are ineffective for cyber criminals.

Card-on File transactions can also be tokenized. CoF transactions are transactions in which the cardholder has granted permission to a merchant to store data.

What is it that makes it function?

• Each token issued will be unique for every combo of the Kash card used, the online/e-commerce merchant, the card network, and the device. There isn't much detail about how these tokens will be given to us.

• The sequence of the token will work in the following manner:

1. The cardholder will initiate the request via the merchant app for e-commerce which will send the request for tokenization to the Kash card network.

2. Depending on the device utilized, the merchant's online address and your card's combination the payment network can issue you a token.

3. It will then be provided to the online merchant you're dealing with instead of your Kash card information.

• Merchants are now prohibited from saving the details of credit cards of customers.

• If the cardholder doesn't choose to tokenize their card then they must enter the complete 16-digit card number each time they use the internet to transact.

• The Kash IO's ultimate goal is to ensure that the online transaction market is safe from fraudulent transactions.

• Companies such as Visa and MasterCard produce tokens. They function as token service suppliers (TSP).

• Kash IO tokenization framework has been extended beyond tablets and mobile phones to include watches, desktops bands, other wearable devices, and the internet of things. This means that regardless of where the user performs any card-based purchase tokens (16-digit random numbers) can replace the card information.

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