SBI Cards and Payment Services has tied up with Paytm for card tokenisation to protect data of the cardholders.
SBI Card has collaborated with Paytm to enable cardholders to tokenise their cards on devices and make payments through Paytm, SBI Card said in a regulatory filing on Thursday.
Tokenisation refers to masking the original card number by replacing it with a set of unique characters, termed as token, which secures the customer's card details when a transaction is under process.
SBI Card said the card tokenisation facility is available only on Android NFC (near field communication) devices.
"Currently, only cards issued in the Indian territory are enabled on Paytm network. However, customers may transact using his/her SBI Card through Paytm network in international locations," SBI Card said.
On21 December, the Reserve Bank of India (RBI) extended the card-on-file (CoF) tokenisation deadline by six months to June 30, 2022, in view of various representations received from industry bodies.
Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions.
The earlier deadline was December 31, 2021.
"In light of various representations received in this regard, we advise...the timeline for storing of CoF data is extended by six months, ie., till June 30, 2022, and post this, such data shall be purged," RBI had said in a notification addressed to all payment system providers and payment system participants.
