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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.
Rajsri Rengan - Emerging technologies have the potential to transform the payments and financial services ecosystem in India, , FinTech, payments, Blockchain, Digital Wallet, Card Tokenisation, artificial intelligence
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.