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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'.
Card-on-file or CoF refers to card information stored by payment gateway and merchants to process future transactions.
"Online merchants can lose up to 20-40 per cent of their revenues post 31 December, and for many of them, especially smaller ones, this would sound the death knell, causing them to shut shop," industry body CII said.
Earlier, the central bank had given the deadline of 31 December.
From January 1, 2022, no firm in the card transaction or payment chain, other than card issuers and card networks, should keep the real card details, according to the Reserve Bank of India (RBI).