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Best Advocates in Mumbai - Khaitan Legal Associates

Khaitan Legal Associates garners recognition as Mumbai's finest law firm, boasting an unparalleled approach to managing litigation cases.

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Best Advocates in Mumbai - Khaitan Legal Associates

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  1. TOKENISATION & It's Implementation Compliances

  2. About Tokenisation Tokenisation means masking or substituting sensitive data with unique identification number while retaining all the essential information about the data. This equivalent unique replacement data is called a token. Tokenisation is a global practice aimed at preventing disclosure of card details to any entity apart from the cardholder, card network or issuer. The concept of tokenisation was first introduced in 2005 by Shift4payments to protect cardholder data.

  3. Necessary compliances required for implementing tokenisation Businesses that accept card payments need to be in compliance with the Payment Card Industry Data Security Standard (“PCI DSS”), which adds credibility to ensure their customers. Card networks are required to get the token requestor certified for (a) token requestor’s systems, including hardware deployed for this purpose, (b) security of token requestor’s application, (c) features for ensuring authorised access to token requestor’s app on the identified device, and, (d) other functions performed by the token requestor, including customer on-boarding, token provisioning and storage, data storage, transaction processing, etc.

  4. Necessary compliances required for implementing tokenisation Card networks are required to get the card issuers / acquirers, their service providers and any other entity involved in payment transaction chain, certified in respect of changes done for processing tokenised card transactions by them. Registration of card on token requestor’s app shall be done only with explicit customer consent through AFA, and not by way of a forced / default / automatic selection of check box, radio button, etc. Secure storage of tokens and associated keys by token requestor on successful registration of card shall be ensured.

  5. Necessary compliances required for implementing tokenisation Card issuers shall ensure easy access to customers for reporting loss of “identified device” or any other such event which may expose tokens to unauthorised usage. Card network, along with card issuers and token requestors, shall put in place a system to immediately de-activate such tokens and associated keys. Dispute resolution process shall be put in place by card network for tokenised card transactions. Card network shall ensure monitoring to detect any malfunction, anomaly, suspicious behaviour or the presence of unauthorized activity within the tokenisation process and implement a process to alert all stakeholders.

  6. For MOre Information Visit www.khaitanlegal.com

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