As India races towards the ambitious goal of achieving a $1 trillion digital economy by 20301, the role of tokenisation in securing financial transactions has never been more critical. With cyberattacks surging sevenfold between 2018 and 2022,2 safeguarding financial information is a top priority. The ever-evolving tech landscape, from mobile wallets to biometrics, is reshaping digital payments and consumers are wholeheartedly embracing these changes. This digital revolution is compelling banks, fintech companies, and merchants to adapt swiftly to meet evolving consumer needs. To mark the one-year anniversary of the Reserve Bank of India (RBI)’s tokenisation guidelines, Visa and the RBI have released a whitepaper underscoring the remarkable progress in India, where 560 million tokens 3were issued within a year of the guidelines' release, emphasising the importance of tokenisation in building a secure and efficient digital economy.
Titled, “Enabling the Digital Shift: Tokenisation in India’s Economic Landscape”, the report provides a comprehensive view of India’s tokenisation journey, considering the perspectives of key stakeholders such as merchants, issuers, and payment processors. It projects how tokenisation, when integrated with emerging technologies, could potentially revolutionise the nation’s payments and digital commerce sector, identifying six future trends on account of India’s tokenisation success. In this transformative context, Visa emerges as a key player in scaling tokenisation. In India, Visa has distributed over 300 million tokens, a substantial portion of the over 560M tokens issued in India4.
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