We have now tokenized over 93% of the monthly active cards on our Paytm app. With this, we have made significant progress in the card-on-file tokenizaton initiative by the Reserve Bank of India (RBI).
We have tokenized 52.3 million cards across VISA, Mastercard and RuPay in effort to make card transactions safer and drive convenience for consumers. This brings with it faster checkouts, as well as success rates that are at par or higher compared to saved cards.
With this, our company remains on track to meet RBI’s deadline to purge saved card data ahead of the RBI deadline.
“We have made great progress in card-on-file tokenization, with over 93% of monthly active cards on Paytm app tokenized. Being a leader in digital payments, we are aligned with RBI’s initiative to make online card transactions safe and secure for consumers.”– Paytm spokesperson said
RBI’s Card-on-file tokenization mandate requires all online platforms to comply with the new initiative and make digital payments secure for citizens. As per the RBI’s guidelines, all online merchants/ecommerce stores have to comply with the card-on-file tokenization feature by September 30, 2022.