RBI vide circular dated June 24, 2022 has issued clarification on prior circular on “Tokenisation – Card Transactions: Permitting Card-on-File Tokenisation (CoFT) Services”. In terms of this circulars, with effect from January 1, 2022, no entity in the card transaction / payment chain, other than the card issuers and / or card networks, shall store the CoF data, and any such data stored previously shall be purged. It has been decided to extend the timeline for storing of CoF data by three months, i.e., till September 30, 2022, after which such data shall be purged.
