Prepping for tokenisation deadline, UPI transaction failures decline

Payment failures rose only marginally after RBI implemented its mandate on recurring payments, suggesting that the system should be able to handle the transition to tokenisation too

Last month, the Reserve Bank of India (RBI) extended the deadline for card tokenisation by another three months till September 30. The central bank decided against the July 1 deadline as the implementation was mired in problems, and not all payment players were ready with tokenisation. All companies would have to purge stored card information once tokenisation is implemented.

Tokenisation would be the second big shake-up from the central bank in two years. Last year, the RBI asked banks to cancel all recurring mandates and issued new guidelines for recurring mandates, disrupting the payment landscape.

The move led to a