RBI extends card tokenisation deadline till June 30

The Reserve Bank of India on Thursday extended card tokenisation deadline by six months till June 30, 2022, from the earlier deadline of December 31, 2021.

The timeline for storing of CoF (card-on-file) data is extended by six months, i.e., till June 30, 2022; post this, such data shall be purged, it said in a notification.

In addition to tokenisation, industry stakeholders may devise alternate mechanism(s) to handle any use case or post-transaction activity that currently involves or requires storage of CoF data by entities other than card issuers and card networks.

The RBI’s card tokenisation guidelines mandated replacing the actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions.

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