Mumbai: e-commerce merchants and banks race against time to implement the Bank of India’s mandate on card storage norms.
Some e-commerce traders found it challenges because compliance requires readiness by many entities in the transaction chain in various stages of readiness.
According to senior executives at a payment processing company, this industry can look for time limit relaxation.
However, the central bank takes a hard attitude and the extension looks impossible at this time.
The RBI mandate is that starting January 1, no traders can store customer card numbers in the system.
Some traders have begun to obey, which is why customers get choices during payment, ask if they want to keep their cards in a safe way.
Traders who offer this option are in accordance with new norms.
From January 1, traders who do not offer these options or customers who do not choose this feature must enter card details.
The payment aggregator has moved quickly to launch services that allow traders to request banks to store customer card details and receive a token that represents the card.
This token will allow traders to allow customers to make payments in the future without entering the card number again.
According to industrial experts, there are at least four entities here – trader-acquiring banks, payment networks (MasterCard / Rupay / Visa), payment gateways, and card issuing banks.
Meanwhile is a direct impact trader, it is a merchant bank that must be ready first.
Razorpay payment service provider is among the initial facilitator with the launch of ‘Razorpay Tokenhq’ – a multi-network card (COF) tokenization solution.
On Monday, Worldline announced a plug-and-play solution for traders to activate COF TOKENGSation using single integration.
The solution has been integrated throughout the payment network (Visa, MasterCard, Rupay) and has partnered the largest number of banks.
According to Worldline VP (Products & Solutions, Digital Trade) Jagdish Kumar, the services needed are called COP TokeSation ready.
“Our clients are in advanced integrating and testing the current API.
They will live with a tokeniseSation Worldline solution well before the deadline December 31, 2021,” Kumar said.
He added that the RBI guidelines for tokeniselas will help increase customer trust on the card as a payment method and encourage digital payment adoption.
Bank, E-Tailers scrambles to comply with the RBI card data storage norm
