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From July 1, 2022, online commerce platforms will not be allowed to save card-on-file credentials and RBI has proposed card tokenization as a solution.
By June 2022, India will mandate the deletion of card-on-file details for online transactions, opening space for fintech disruptors for card tokenization.
Pine Labs receives US$20 million investment from the State Bank of India Pine Labs raised US$600 million from investors in 2021 The company is looking to
In 2022, digital payments compliance in India will require mandatory deletion of card-on-file details, thereby opening space for fintech disruptors.
Previously, RBI had mandated payment stakeholders to move to tokenization by December 2021. Now, the deadline is June 30, 2022.