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6 months relief on debit and credit cards, RBI's big decision on tokenization
6 months relief on debit and credit cards, RBI's big decision on tokenization
Token system refers to the removal of credit/debit card details and the introduction of an alternative code system, which is called a token.
Implementation of token number usage system postponed till June 30, 2022
Earlier this system was to be implemented from January 1, 2022.
The central bank deferred it after receiving reports from industry organizations
The Reserve Bank of India (RBI) on Thursday deferred till June 30, 2022, the provision of using token number or unique code instead of entering debit/credit card details at the merchant level at the time of online purchases. Earlier this system was to be implemented from January 1, 2022. But after receiving reports from various industry bodies, the central bank has postponed it for six months.
Token system refers to the removal of credit/debit card details and the introduction of an alternative code system, which is called a token. RBI said in a notification to all payment system providers and payment system participants, "In view of the various representations received in this regard, we are extending the deadline for keeping Card on File (COF) data by six months i.e. up to June 30, 2022." . After that the details related to the card will have to be deleted.
The central bank said that apart from the token system, industries can adopt alternative measures for recurring arrangement, EMI (monthly installment) option etc. In addition, it may take other measures for post-payment activities such as rewards/royalty programs, etc., which currently require entities other than card issuance and card network to maintain COF data.
https://mamtatyagi.com/2022/01/what-is-bitcoin-and-who-started-bitcoin-why-is-the-bank-upset-over-bitcoin-collect-all-the-information/
Under the token system, a unique alternate code is generated on the basis of which the transaction is carried out. In September, the RBI had prohibited various entities from storing customer card details on its servers with effect from January 1, 2022. Instead, it was mandated to adopt the COF token system. Industry associations 'Merchant Payments Alliance of India' (MPAI) and 'Alliance of Digital India Foundation' (ADIF) had requested RBI to extend the deadline of December 31 for implementation of norms related to tokenization regime for card transactions. .
MPAI is an association of merchants who accept digital payments. Its members include Microsoft, Netflix, Zoom, Disney Hotstar etc. Alliance of Digital India Foundation works for digital start-ups. Its members include Paytm, Matrimony.com and MapMyIndia.
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