Debit Card, Credit Card Online Payment Tokenisation Rule Ready to be Implemented, Says RBI
2 years, 6 months ago

Debit Card, Credit Card Online Payment Tokenisation Rule Ready to be Implemented, Says RBI

News 18  

RBI MPC Meet: Reserve Bank of India deputy governor T Rabi Sankar on Wednesday, June 8, said that the payments ecosystem in India is ‘by and large prepared’ for implementation of the tokenisation system for card-based transactions, including online transactions. The RBI deputy governor’s comments came weeks ahead of the June 30 deadline after which the new tokenisation norms will be implemented. The industry bodies had asked the Reserve Bank of India to extend the deadline from December 31 to a later date citing various challenges in implementing the new rule under which merchants will not be able to store credit card or debit card information of customers. However, according to a latest report by moneycontrol.com quoting multiple sources, “banks have not yet made any representations with either the apex banking body Indian Banks’ Association, or with the RBI for another extension.” Under the new rules, a card holder can get the card tokenised by initiating a request on the app provided by the token requestor.

History of this topic

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