| Thursday, 13 October 2022 |
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Good morning [%first_name |Dear Reader%],
You know something isn’t broken when no one is talking about it.
On 1 October, long-dreaded rules on card tokenisation kicked in in India. I say dreaded because if they didn’t work well, India’s credit and debit card users would have been forced to enter their 16-digit card numbers every time they wanted to make an online card payment.
That’s because the country’s banking regulator—Reserve Bank of India (RBI)—wants all online merchants and payment processors to stop storing customer card data. Instead, they have to implement something called card tokenisation—where information such as the card number is replaced with an alpha-numeric code called a token, issued by card networks such as Mastercard, Visa, and Rupay.
As we wrote earlier:
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So imagine the anxiety when payment aggregators and merchants had to press that delete button to get rid of all the stored data.
