Page 2 - Card Tokenisation News Today

One97 Communications Limited (OCL), the company that owns Paytm, released a statement on Monday morning stating that with this development 93 percent of the monthly active cards on the Paytm app are tokenised.

According to the company, over 80 per cent of PhonePe’s active users have already tokenised their cards, and it is on track to meet RBI’s September 30 deadline for tokenising all debit and credit cards.

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Under RBI's tokenisation initiative, all companies are required to delete cardholders' all existing information and replace it with a unique 'token'.

New debit and credit card rules have been after receiving a range of representations from different industry bodies.

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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.

The RBI announced an extension of the deadline for card data storage and tokenisation implementation by another three months to September 30, 2022. 

The Reserve Bank of India has extended the card tokenisation deadline in view of issues related to implementation of guest checkout transactions.

Card tokenisation rules will now come into effect from July 1, 2022