Mumbai: Payment aggregators are finally prepared for the October 1 rollout of RBI's card-tokenisation norms, which will change the way debit and credit card details are stored by online merchants. The deadline for implementation of tokenisation, which aims to upgrade data security, was extended for the third time in June as the payments industry had asked for more time to avoid disruptions.
From October 1, spends on platforms like e-commerce, food delivery and streaming services will be processed only through tokenisation as against the 'card on-file' system, where merchants stored details like card number, CVV and expiry date on their servers. The new system will involve merchants storing unique numbers called tokens that correspond with card details held with banks. A single card will have multiple tokens with different merchants.
This story is from the September 29, 2022 edition of The Times of India Hyderabad.
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This story is from the September 29, 2022 edition of The Times of India Hyderabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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