New Delhi, June 26 (FN Agency) The Reserve Bank of India (RBI) on Friday announced extension of the deadline for card tokenisation and storage of card data till September 30, 2022. ‘On a review of the issues involved and after detailed discussions with all stakeholders, it is observed that considerable progress has been made in terms of token creation.
Transaction processing based on these tokens has also commenced, though it is yet to gain traction across all categories of merchants. Further, an alternate system in respect of transactions where cardholders decide to enter the card details manually at the time of undertaking the transaction (commonly referred to as “guest checkout transactions”) has not been implemented by the industry stakeholders, so far. .. It has been decided to extend the timeline for storing of CoF data by three months till September 30, 2022, after which such data shall be purged,’ a statement from the RBI said. This is the third time when the RBI has deferred the implementation of guidelines for card transactions. Earlier, it was postponed from June 30, 2021, to December 30, 2021 and then to July 1, 2022.