Players ready for migration as card-on-file tokenisation deadline nears

Tokenisation is the replacement of an actual or clear card number with an alternative code called the "token"

With the deadline to comply with Reserve Bank of India’s (RBI's) card-on-file tokenisation norms fast approaching, industry participants say they are relatively well placed now as far as readiness to transition into the new regime is concerned.

But inadequate testing of the new process may throw up teething problems, which may result in failure of some transactions, especially recurring payment ones.

Come October 1, merchants, payment aggregators, and acquiring banks can no longer store the card details of customers. Under the new guidelines, only card issuers and card networks will be able to store them. Merchants and other entities that