RBI Extends The Deadline Of Credit Card And Debit Card Tokenisation By 6 Months

Описание: The Reserve Bank of India (RBI) has extended the timeline for implementation of the new credit and debit card data storage norms, or card-on-file tokenisation (CoF) by six months to June 30, 2022. The RBI move follows intervention by digital payment firms, merchant bodies and banks that had sought more time to integrate the systems and onboard all the stakeholders amid fears over the disruption of business transactions. After June 2022, credit and debit card data should be purged from the online systems of merchants, the central bank said.
Watch the full video to learn more. As per the RBI circular, industry stakeholders may devise alternate mechanisms to handle any use case, including recurring e-mandates and EMI option or post-transaction activity.
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