On Friday, it was announced by the Reserve Bank of India that the deadline for tokenization of debit and credit cards has been extended by a period of three months till September 30, 2022. Earlier, a deadline of June 30 was set by the RBI in which the merchants had to remove all the consumer card data from their records and they had to replace it with tokens.
The regulator said, “This extended time period may be utilized by the industry for facilitating all stakeholders to be ready for handling tokenized transactions, processing transactions based on tokens, implementing an alternate mechanism(s) to handle all post-transaction activities (including chargeback handling and settlement) related to guest checkout transactions, that currently involve/require storage of CoF data by entities other than card issues and card networks, and creating public awareness about the process of creating awareness and using them yo undertake transactions.”
