Only card firms, banks to keep card details, others must purge data: RBI

The Reserve Bank of India (RBI) on Tuesday refused to extend its deadline for card tokenisation beyond the agreed January 1, 2022 date, scrapping single click purchases but still allowing customers to not go through the hassle of typing in card details for every transaction. 

Tokenisation is used in online transactions where the actual card details keyed in are replaced by random digits. Since the card details will not be saved with the merchants, except for the source banks and card issuers (such as Rupay, Visa, and Mastercard) the leakage of card details will be prevented as the database of