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Context: Recently, Reserve Bank of India (RBI) has decided to restrict the implementation of tokenization of debit and credit cards for online transactions by a further six months following representations from stakeholders.
Benefits of Tokenization
How are the transactions currently processed?
Key Impact of current decision
Is the industry ready to implement this?
In addition to tokenisation, industry stakeholders may devise alternate mechanisms to handle any use case, including recurring e-mandates and EMI option or post-transaction activity, including chargeback handling, dispute resolution, reward or loyalty programme, that currently involves storage of CoF data by entities other than card issuers and card networks.
By: Shubham Tiwari ProfileResourcesReport error
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