RBI extends card tokenisation deadline; merchants get 3 more months
By Shashank Didmishe The Reserve Bank of India (RBI) on Friday extended the deadline for merchants to delete the card storage data of their customers under the card-on-file tokenisation system by three months till September 30. This is the third time the central bank has extended the timeline for mandatory card tokenisation. The RBI first extended the deadline by six months from June 30, 2021, till December 30, 2021, and then by another six months till June 30. Noting that considerable progress has been made on card tokenisation and some merchants have already initiated the use of tokens, the central bank observed that the system is yet to gain traction with all categories of merchants. Additionally, merchants are yet to install an alternate system where customers can choose to enter the card details manually, the central bank said. “It has been decided to extend the timeline for storing of CoF (card-on-file) data by three months, till September 30, after which such data shall be purged,” the RBI said in a notification.
RBI extends card tokenisation deadline; merchants get 3 more months
By Shashank Didmishe The Reserve Bank of India (RBI) on Friday extended the deadline for merchants to delete the card storage data of their customers under the card-on-file tokenisation system by three months till September 30. This is the third time the central bank has extended the timeline for mandatory card tokenisation. The RBI first extended the deadline by six months from June 30, 2021, till December 30, 2021, and then by another six months till June 30. Noting that considerable progress has been made on card tokenisation and some merchants have already initiated the use of tokens, the central bank observed that the system is yet to gain traction with all categories of merchants. Additionally, merchants are yet to install an alternate system where customers can choose to enter the card details manually, the central bank said. “It has been decided to extend the timeline for storing of CoF (card-on-file) data by three months, till September 30, after which such data shall be purged,” the RBI said in a notification.