With month to go for card-on-file tokenisation, firms set up solutions

Merchants and other entities that have stored card details of customers will have to purge the data and apply tokenisation

With less than a month to go for the Reserve Bank of India (RBI)’s new card data storage norms to kick in, the ecosystem is better prepared this time than earlier, however, the transition to the new regime may not be entirely seamless as some teething problems may crop up in the initial days, given how complex the implementation process is.

Come July 1, merchants, payment aggregators, and acquiring banks can no longer store the card details of customers. Under the new guidelines, only card issuers and card networks will be able to store them. Merchants and other entities that have