RBI extends card tokenization deadline till end of June
By MYBRANDBOOK
The Reserve Bank of India has extended the deadline for card tokenization till June end next year, amid repeated requests from industry stakeholders. The earlier deadline set by the RBI was to expire at the end of 2021.
The reason behind stakeholders seeking an extension of the tokenisation deadline was that many small and medium-sized merchants don't yet have the infrastructure to shift to the new system, though banks are more or less prepared for it.
The new system will not store the 16-digit card number and the expiry date when a digital transaction is being done on a website. The payment will be made through a process called tokenisation by which the card details are replaced by a unique code or token.
This system will prevent the card details from being exposed and will enhance data security. Only card issuers and card networks can store customer data.
In addition to tokenization, the RBI said, “Industry stakeholders may devise alternate mechanism(s) to handle any use case, including recurring e-mandates, EMI option, etc., or post-transaction activity, including chargeback handling, dispute resolution, reward/ loyalty programme, etc., that currently involves/requires storage of CoF data by entities other than card issuers and card networks.”
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