India’s 3-month reprieve from another regulatory curveball: card tokenisation
“Customers don’t get why this change is happening so it hasn’t been a priority item for them,” Not sure what specific input is required from customers to tokenize their cards. Isn't this a simple 1-time step with every merchant? If the RBI mandates tokenization, why does the merchant need customer consent to tokenize? Also, why wait till all cards have been tokenized? Can't cards be tokenized on an ongoing basis once the system goes live? Quoting big numbers like 1 billion cards that need to be tokenized is misleading. Do we know the addressable market of cards that have been used at least once in the past 12 months for an online transaction? I suspect this would be a much smaller number and a more solvable problem!