- 3 Nov 2010
- Reaction score
The Reserve Bank of India (RBI) on Friday announced the extension of the deadline for tokenisation of debit and credit cards by another three months to September 30, 2022. The RBI had earlier set a deadline of June 30, whereby merchants and payment aggregators had to delete all card details and replace it with tokens.
Instead, RBI has asked for tokenisation as a safer and more convenient alternative to card storage. Through tokenisation, ones sensitive card information can be replaced with a non-sensitive uniquely generated code called ‘Token.