innovationinbanking

  Restriction on storage of actual card data-  Card-on-File (CoF) – RBI extends the deadline to June 30, 2022             Reserve Bank of India vide Circular No : - RBI/2021-2022/142 CO.DPSS.POLC.No.S-1211/02-14-003/2021-22 dt.December 23, 2021, addressed to - All Payment System Providers and Payment System Participants, informed that the timeline for storing of CoF data is extended by six months, i.e., till June 30, 2022; post this Post June 30, 2022. such data has to be purged; This time extension, was done basis the representation received from various stake holders. In the same circular, Reserve Bank of India has advised: in addition to tokenisation, industry stakeholders may devise alternate mechanism(s) to handle any use case (including recurring e-mandates, EMI option, etc.) or post-transaction activity (including chargeback handling, dispute resolution, reward / loyalty programme, etc.) that currently involves / requires storage of CoF data by entities other than card issuers a

UPI “On-device” wallet – How it may look             These are my personal views only.  ‘The bottom line is Safe ePayments. Nothing more, Nothing less’ Reserve Bank of India, Shri Das on 8th December 2021, announced a major addition to the UPI ecosystem Quote  (ii) make the process flow for small value transactions simpler through a mechanism of ‘on-device’ wallet in UPI applications; UnQuote The accompanying Reserve Bank of India, gave a glimpse of “On-device” wallet in UPI app.   6. Simplification of Process Flow for Small Value Transactions over UPI   UPI is the single largest retail payment system in the country in terms of volume of transactions (14 crore transactions per day, October 2021)3. One of the initial objectives of UPI was to replace cash for low value transactions. Transaction data analysis shows that 50 per cent transactions through UPI were below ₹ 200, indicating its success. These low value transactions, however, utilise significant system capacity and resources, at