The Reserve Bank of India has extended the implementation date of card-on-file (CoF) tokenisation norms by six months to June 30, 2022.
About:
In September 2021, the RBI prohibited merchants from storing customer card details on their servers with effect from January 01, 2022, and mandated the adoption of card-on-file (CoF) tokenisation as an alternative to card storage. It applies to domestic, online purchases.
Tokenisation refers to replacement of actual credit and debit card details with an alternate code called the “token”, which will be unique for a combination of card, token requestor and device.
A tokenised card transaction is considered safer as the actual card details are not shared with the merchant during transaction processing.
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