RBI extends card tokenisation deadline by 6 months
India Today
The Reserve Bank of India has extended the deadline for card tokenisation by six months till June 30, 2022.
The Reserve Bank of India has extended the deadline for card tokenisation by six months till June 30, 2022. The RBI's new rule, as per which all merchants and payment gateways have to delete sensitive customer data and use encrypted tokens to carry out transactions, was earlier scheduled to come into effect on January 1, 2022.
In its circular on Thursday, the RBI said, "In light of various representations received in this regard, we advise that the timeline for storing of card-on-file [CoF] data be extended by six months, till June 30, 2022... and in addition to tokenisation, industry stakeholders may devise alternate mechanisms to handle any use case or post-transaction activity that currently requires storage of CoF data by entities other than card issuers and card networks."
