Poket News

Tokenization to be implemented from 1st July

 

  • Payment gateways, merchants, payment aggregators and acquiring banks will not be able to store customer card details from July 1.
  • This means that all online, point-of-sale, and in-app transactions made by credit and debit cards must be replaced by unique tokens by June 30, 2022. 
  • Tokenization is a process by which card details are replaced by a unique code or token, which is generated by an algorithm, allowing online purchases without sharing details that might be considered sensitive.