Upon repeated requests from banks to upgrade their systems for “Tokenisation”, Finally RBI agreed to extend the due course to June30th,2022.
This was the 2ndtime to extend this “Tokenisation”system which was earlier proposed to implement from June1st,2021 and later to January1st,2022. But due to technical glitches in the systems upon banks request it was further extended to July1st,2022.
Thatmeans the banks have to make ready their systems updated on or before June30,2022 to implement this Tokenisation system from July1st,2022.
Whatever the reason may be, it is a temporary relief to the debit and credit card holders to make use of their “Saved” card details on online shopping. Though the “Tokenisation” system is proposed for safety of the cardholders privacy, it will take time to adjust to the changes in the system.
If all are done as expected from July1st,2022 onwards customers have to be adjusted with this new tokenisation system which is aimed for the card holders privacy and safety.