Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Home / Payment / What Is Tokenization Payment?
Q.

What Is Tokenization Payment?

view 65Views

2 Year

Comment

1 Answers

Send
0 2022-06-24T09:38:07+00:00
⤺ Reply

I use Paytm wallet, NoBroker Utility Bill Payment Service, Phonepe and a lot more for paying my bills or for other transactions. However I never knew that these were actually tokenization payments. Do you know what

is tokenization payment in Banking? Do not worry, I also got to know about it recently.

Tokenization is the replacement of actual credit and debit card details with an alternate code called the token. It works by removing the valuable data from the environment and replacing it with these tokens. These are safe and super easy as well making the transactions both smooth and hassle free. I hope this makes clear what is tokenization in payments

.

Pay your bills smoothly and get exciting rewards by using NoBroker Utility Bill Payment Service

 Is tokenization safe?

Tokenization is actually safe. It does not use keys to alter the original data like that of encryption, rather removes the data from an organisation’s internal system fully thereby making transactions far safer and more secure.

Tokenization in RBI meaning

In tokenization, the card details get changed into a unique token specific to the card and saved with only one merchant at a time. Tokenization is not mandatory but if you ask me, it is easy to go for it.

Types of Tokens

There are 4 types of tokens:

  • Payment tokens

  • Utility tokens

  • Security tokens

  • Non-fungible tokens

Working method of token payments

In credit card tokenization, an individual’s primary account number or PAN number gets replaced with a series of numbers which is called a token. These tokens get passed through the internet then or other process to make the payment possible without actual bank details getting revealed.

I hope this has helped you to know

what is tokenization payment clearly.

Read More:

How To Pay CIDCO Water Bill Payment Online?

Shifting, House?

✔

Lowest Price Quote

✔

Safe Relocation

✔

Professional Labour

✔

Timely Pickup & Delivery
inline_cards

Intercity Shifting-Upto 25% Off

Check Prices

inline_cards

Intracity Shifting-Upto 25% Off

Check Prices

inline_cards

City Tempo-Upto 50% Off

Book Now

Most Viewed Questions

How to Find Consumer Number in TNEB?How To Calculate Electricity Unit?How Much Does One Unit of Electricity Cost in Maharashtra?How to Find Account Number of Electricity Bill UPPCLHow to Calculate Electricity Bill from Meter Reading?How to Change Name in Electricity Bill Online Telangana?How Much Does One Unit of Electricity Cost in Tamilnadu?How to Download EB Bill Receipt from TANGEDCO?How to download BSES bill?What is Per Unit Cost of Electricity in Delhi?See All

Recently Published Questions

How Much Does One Unit of Electricity Cost in Maharashtra?What is the Cost of 1 Unit Electricity in Gurgaon?How to Check Mahavitaran Bill History?Can Electricity Bill be Paid in Cash Above 10000?How To Calculate Electricity Unit?How to Download Tata Power DDL bill?How to check prepaid electricity balance?Can Electricity Bill be Paid in Installments?Can I Pay Electricity Bill after Due Date?Can I Pay KSEB Bill Online after Due Date?See All

Authors Of The Question

profile
Indrani

2 Total Answers


0

0

profile

Recently Answered Questions

How do You Stop a Door from Sticking? How to Repair a Rotted Floor? How To Check If Voltage Stabilizer Is Working? What is BDA Approved Site? What is the Land Rate in Gurgaon? How to Seal MDF Before Painting? How to Use Milk Paint on Finished Wood? What Color Paint Goes with Mahogany Wood? Should I paint my house exterior white? Best Time Of Day To Paint
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners