Home FINANCE RBI extends card tokenisation deadline by 3 months till September 30

RBI extends card tokenisation deadline by 3 months till September 30

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 The earlier deadline was expiring on June 30, 2022.

Highlights

  • CoF refers to card information stored by merchants to process future transactions
  • The earlier deadline was expiring on June 30, 2022
  • A number of transactions processed using tokens are yet to gain traction

The Reserve Bank of India (RBI) on Friday extended the card-on-file (CoF) tokenisation deadline by three months to September 30, 2022, given various representations received from industry bodies.

Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. The earlier deadline was expiring on June 30, 2022.

In a circular, the RBI said the industry stakeholders have highlighted some issues related to the implementation of the framework in respect of guest checkout transactions. Also, a number of transactions processed using tokens are yet to gain traction across all categories of merchants.

“These issues are being dealt with in consultation with the stakeholders, and to avoid disruption and inconvenience to cardholders,” it said while extending the timeline of June 30 by three more months to September 30, 2022.

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