The Reserve Bank of India (RBI) has extended the deadline for card-on-file (CoF) tokenisation from 30 June to 30 September 2022, citing implementation issues highlighted by merchants.
“Industry stakeholders have highlighted some issues related to implementation of the framework in respect of guest checkout transactions,” the RBI announced, explaining its decision. “Also, the number of transactions processed using tokens is yet to gain traction across all categories of merchants.”
The RBI had earlier mandated that other than the card issuers or card networks, no entity involved in a card transaction or in the payment chain can store the CoF data, and any such data stored earlier should be removed. The initial deadline for tokenisation was 1 January 2022, which was later extended to 30 June.