RBI extends deadline for card tokenisation by another 3 months till Sept 30

Encourages cardholders to tokenise data themselves for preventing fraud

The Reserve Bank of India (RBI) is extending the deadline for card-on-file (CoF) tokenisation by another three months to September 30 as transaction processing based on such tokens is yet to gain traction across categories of merchants.

It was mandated that no entity in the card transaction or in the payment chain, other than the card issuers and / or card networks, can store the CoF data, and any such data stored previously be purged. The initial deadline was January 1, which was extended by six months.

CoF refers to card information stored by payment gateway and merchants to process future transactions.

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