One97 Communications Limited (OCL) that owns e-wallet Paytm, today announced that it has now tokenized over 93% of the monthly active cards on the app. With this, the company has made significant progress in the card-on-file tokenisation initiative by the Reserve Bank of India (RBI).
The company has tokenized 52.3 million cards across VISA, Mastercard and RuPay in its 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, the company remains on track to meet RBI’s deadline to purge saved card data ahead of the RBI deadline.
Paytm spokesperson said, “We have made great progress in card-on-file tokenisation, with over 93% of monthly active cards on Paytm app tokenised. We are aligned with RBI’s initiative to make online card transactions safe and secure for consumers.”
RBI’s Card-on-file tokenisation 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 tokenisation feature by September 30, 2022.