RBI gives payment firms 6-month breather to comply with new framework

The Reserve Bank of India (RBI) on Wednesday granted an extension of six months, till December 31, 2021, to payment gateways and payment aggregators to enable them and participants to put in place workable solutions, such as tokenisation, within the framework set out by it.         
 

Earlier, the RBI had asked the payment aggregators to stop storing card details within their database as per its March 2020 guidelines that were to take effect from July this year.
 

Currently, online merchants, e-commerce players, and payment aggregators can store the card details of customers.