The Reserve Bank of India extended the card-on-file (CoF) tokenisation deadline by 6 months to to June 30, 2022. The earlier deadline was December 31, 2021.
"In light of various representations received in this regard, we advise as under: a) the timeline for storing of CoF data is extended by six months, i.e., till June 30, 2022; post this, such data shall be purged; and b) in addition to tokenisation, industry stakeholders may devise alternate mechanism(s) to handle any use case (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," the central bank said in a circular.
The move comes after digital payment firms, like Merchant Payments Alliance of India (MPAI) and the Alliance of Digital India Foundation (ADIF), voiced their concerns over industry readiness.Citing several operational challenges that will hinder the transition to the token-based payments ecosystem, the industry bodies voiced their concerns over industry readiness on the RBI directive on card-on-file tokenization.
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