Tokenisation refers to the replacement of actual card details with an alternate code called the “token”, which shall be unique for a combination of card, token requestor (i.e. the entity which accepts a request from the customer for tokenization of a card, and passes it on to the card network to issue a corresponding token) and device.
This can make all online card transactions safer as the actual card details are not shared with the merchant during transaction processing.
If you want to tokenize your card, you can do it by initiating a request on the app provided by the token requestor. The token requestor will forward the request to the card network which, with the consent of the card issuer, will issue a token corresponding to the combination of the card, the token requestor, and the device.
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RECOMMENDED READING LIST:
Rich Dad Poor Dad (Personal finance book of all time)
https://amzn.to/36UAPY5
The Millionaire Next Door (Great Read to know how money works)
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One Up On Wall Street (Peter Lynch’s Best Advice to Stock Market Beginners)
https://amzn.to/35RgwM1
Think and Grow Rich (the ultimate book on money mindset and wealth)
https://amzn.to/3lTUkpY
The Little Book of Common Sense Investing (Awesome book on index funds)
https://amzn.to/3fxaEed
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