The earlier deadline was expiring on June 30, 2022.
The Reserve Bank of India (RBI) on Friday extended the deadline for card-on-file (CoF) tokens by three months to September 30, 2022, in view of various representations received from industry bodies.
Card-on-file, or COF, refers to card information stored by payment gateways and merchants to process future transactions. The earlier deadline was expiring on June 30, 2022.
In a circular, RBI said industry stakeholders have highlighted certain issues related to the implementation of the framework with respect to guest checkout transactions. Also, many of the transactions processed using the token are still not able to gain traction across all categories of merchants.
It extended the deadline of June 30 by three more months to September 30, 2022, saying, “These issues are being settled in consultation with the stakeholders and to avoid disruption and inconvenience to the cardholders.”
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