Press release – RBI encourages cardholders to tokenise their cards (dated-24.06.2022)-RBI.View Pdf
Press release – RBI encourages cardholders to tokenise their cards (dated-24.06.2022)-RBI.
- Given the foregoing, the Reserve Bank mandated that after December 31, 2021, entities other than card networks and card issuers cannot store card data. This timeline was subsequently extended to June 30, 2022. A framework for CoF Tokenisation (CoFT) services was also issued. Under this framework, cardholders can create “tokens” (a unique alternate code) in lieu of card details; these tokens can then be stored by the merchants for processing transactions in future. Thus, CoFT obviates the need to store card details with merchants and provides the same level of convenience to cardholders, refer attachment for further details.