Mumbai: May 2022: One97 Communication Limited that owns the brand Paytm, India’s leading digital payments and financial services company, today announced that it has made significant progress in the card-on-file tokenization initiative by RBI. The company has tokenized 28 million cards across VISA, Mastercard and RuPay in its effort to make online card transactions safe and secure for consumers. With this rapid pace, Paytm will be able to purge saved card data ahead of the RBI deadline.
The tokenized cards account for 80% of monthly active cards on the Paytm app. It further drives convenience for consumers with faster checkout as well as success rates that are at par or higher compared to saved cards.
Vijay Shekhar Sharma, Founder and CEO – Paytm said, “Paytm is committed to safe and secure online payments, and in that direction, RBI’s tokenization efforts are a key milestone for the industry. We recognised the need for tokenized cards and implemented the same on Paytm app. We are seeing incredible success and this will go a long way in bringing India’s payment system online while also making it trustworthy and safe for customers.”
As per the RBI’s guidelines, all online merchants/ecommerce stores have to comply with the card-on-file tokenization feature by June 30, 2022.