RBI extends card tokenisation deadline by three months
06/25 05:28
According to The Economic Times, the Reserve Bank of India (RBI) on Friday announced the extension of the deadline for tokenisation of debit and credit cards by another three months to September 30, 2022. The RBI had earlier set a deadline of June 30, whereby merchants and payment aggregators had to delete all card details and replace it with tokens. RBI also encouraged cardholders to tokenise their cards for their own safety. Till date, about 19.5 crore tokens have been created. Opting for creating tokens is voluntary for the cardholders. Those who do not wish to create a token can continue to transact as before by entering card details manually at the time of undertaking the transaction. Tokenisation is a process by which card details are replaced by a unique code or token, allowing online purchases to go through without exposing sensitive card details.
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