Card Data Storage Rules Implementation Deadline Extended Until September 30
NDTV
RBI on Friday extended the card-on-file tokenisation deadline by three months to September 30, 2022
The Reserve Bank of India (RBI) on Friday extended the card-on-file (CoF) tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies.
Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' - thereby enabling more secure transactions.
The RBI now directed the merchants to implement its tokenisation norms by September 30, 2022. This is the third time that the central bank has extended the deadline of its implementation. (Also Read: New Debit Card Rules From July 1, 2022. Details Here)
The industry stakeholders have highlighted some issues related to the implementation of the framework in respect of guest checkout transactions, the RBI said in a statement.
