Tokenization of Debit/Credit Cards: How it affects all Indians
The Reserve Bank of India has announced that it will not extend the October 1 deadline for the implementation of the card tokenization.The deadline has been extended twice previously.
Before October 1, the RBI mandated that all merchants destroy all customer debit and credit card information and switch to using one-of-a-kind tokens instead. It requires masking all sensitive details like 16-digit card numbers, names, expiry dates, and codes with a unique card number called token. The token can be an autogenerated encrypted code like how we see the passwords are stored traditionally across major websites.
Except for card issuers and card networks, all parties must abide by this guideline.These regulations allow authorized card payment networks to provide card tokenization services to...