Top technology and internet<\/a> groupings are rushing to petition the country’s central bank seeking delayed implementation of its tokenisation<\/a> mandate that requires online merchants to erase all stored payment details of customers by December 31. Global and local companies represented by trade bodies such as Nasscom and the Alliance of Digital India Foundation<\/a> (ADIF) will seek a phased implementation of the new mandate and a minimum timeframe of two years for the transition, multiple people aware of the developments told ET. Tokenisation过程取代了16位的信用卡或借记卡的号码为移动和在线交易与一个独特的数字识别称为“令牌”,它是一个随机字符串的16位数字。 顶级技术和互联网分组急于申请该国央行寻求推迟实现的tokenisation要求要求网上商家擦掉所有存储客户在12月31日的付款细节。全球和本地公司由贸易行业协会等机构和表示数字印度联盟的基础(ADIF)将寻求新的使命和最低的分阶段实现的两年时间内转变,很多人意识到发展告诉等。
Companies, which fear there will be “large scale” disruption and “mayhem” across online payments platforms beginning on New Year’s Eve, are asking the Reserve Bank of India to “not rush through the tokenisation mandate,” executives said.
“We are asking for more time, no one wants to wake up to mayhem on January 1,” said Sijo Kuruvilla George, executive director of ADIF, which represents companies such as Paytm<\/a> and BharatMatrimony.
Others like the Payments Council of India said the RBI<\/a> mandate calls for “a big systemic change” that requires a smooth transition. It will seek inputs from companies before approaching the RBI this week with a representation, officials said.
An abrupt transition to the new system, which requires all online merchants be it Flipkart, Google<\/a>, Netflix<\/a> or Paytm to wipe out stored card details of all customers by December 31 and take their consent for tokenisation, could shave off close to one-third of the digital industry’s revenues, according to ADIF. The industry grouping estimates this could lead to hundreds of small and medium merchants as well as payment operators being pushed out of business.
In September, the RBI amended its tokenisation framework-- first introduced in March 2020--to include card-on-file data, this according to industry sources is the crux of the problem as they have not been given sufficient time for implementation.
According to the new rules, online shoppers must either key in their card details every time they make a purchase or consent to tokenise their card data through an additional factor of authentication (AFA). Online merchants and payment aggregators can store the last four digits of the actual card number and card issuer’s name, only after receiving specific consent.
Ashish Aggarwal, vice-president-public policy at Nasscom said, “Unless 80% of the cards used can be tokenized, the transition should not be forced.”
Tokenisation is the process of replacing the 16-digit credit or debit card number for mobile and online transactions with a unique digital identification known as a \"token”, which is a random string of 16-digit numbers. It can enable a transaction without disclosing the cardholder's account information to either the merchant or any intermediaries.
“There are huge challenges for merchants. Even if a particular bank or network is ready, it doesn’t translate into readiness of the entire ecosystem,” Aggarwal said
Short timeline<\/strong>
The tokenization mandate will impact both subscriptions as well as one-time payments and will pose a special challenge for online merchants required to process refunds. Hotel operators won't be able to charge a no-show fee in case of a last-minute cancellation, industry members pointed out.
![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
As the RBI has given the banks the choice to tokenise or not, with no penalty imposed on them if they don’t, Nasscom is requesting the banking regulator to allow banks and networks to first test and demonstrate their readiness following which merchants can transition to the new system.
“Expecting merchants to delete all card data in the absence of any viable alternative is not reasonable. RBI needs to publish the status of readiness and review the deadline for tokenization,” Aggarwal said.
RBI did not respond to ET’s queries till press time.
Taking stock<\/strong>
Vishwas Patel, chairman of the Payments Council of India said that while all three networks – Visa, Mastercard<\/a> and Rupay are ready as well as many merchants and banks, there are several others that are yet to be integrated.
“PCI has asked its members to take final stock of the situation and based on their feedback we will take a call in the next two-three days and then write to RBI. This is a big systemic change, and everyone wants a smoother transition,” he said.
Earlier, in its letter sent on December 9, Nasscom had petitioned for a tiered timeline -- requiring issuer banks and card networks to be ready first and then requiring merchants to integrate, test and move from legacy rails to make sure the disruption is limited.
Double whammy<\/strong>
Nasscom is of the view that the short timeline for tokenisation, will mean a double whammy for the digital commerce sector, especially small players who are already “adversely affected due to the recurring payments mandate and are still trying to emerge from it.
RBI’s new rules on recurring payment came into effect from October and allows banks to process auto debit transactions only after they send a pre-debit notification to customers at least 24 hours before the payment. It also requires a separate flow for auto transactions above Rs 5,000 that customers need to authenticate such payments manually with a one-time password (OTP).
Industry bodies contend that the transition will come at the cost of smaller players compared to large businesses that have the resources to put in place such a complex system quickly. To prove its point, Nasscom said that in case of recurring payments, HDFC Bank<\/a> has, as on December 09, 2021, listed 33 merchants on its website that are live with its Merchant Standing Instructions. Neither of these 33 merchants is a SME. Similarly, Yes Bank has a list of 11 merchants who are live; neither is a SME.
“This will concentrate the markets with the bigger players,” ADIF’s George said.
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科技公司希望为tokenisation两年
公司担心会有“大规模混乱”和“混乱”在线支付平台在新年前夕开始,要求印度央行(Reserve Bank of India)“不赶tokenisation使命,”高管表示。
其他像印度支付委员会说印度储备银行强制要求“一个巨大的系统性变化”,需要平稳过渡。它将寻求输入之前从公司接近印度央行本周表示,官员们说。
突然转换到新系统,它要求所有在线商家Flipkart公司,谷歌,网飞公司或Paytm消灭储存卡的细节由12月31日,所有客户同意tokenisation,可以刮掉接近三分之一的数码行业的收入,根据ADIF。行业分组估计这可能导致数以百计的中小商家以及支付运营商被排挤出业务。
今年9月,印度央行修改其tokenisation框架——2020年3月首次引入包括card-on-file数据,据业内人士这是问题的症结所在,因为他们没有得到足够的时间实施。
根据新规定,网上购物者必须键入信用卡细节每次他们做出购买或同意tokenise卡数据通过一个额外因素身份验证(AFA)。网上商家和支付聚合器可以存储实际的信用卡号码的最后四位数和信用卡发行商的名字,只有在收到具体的同意。
阿施施Aggarwal vice-president-public政策行业协会说,“除非80%使用的卡片可以标记化的,过渡不应强迫。”
Tokenisation过程取代了16位的信用卡或借记卡的号码为移动和在线交易与一个独特的数字识别称为“令牌”,它是一个随机字符串的16位数字。它可以使一个事务没有披露持卡人的账户信息商人或任何中介机构。
“有商人的巨大挑战。即使一个特定的银行或网络准备好了,它不会转化为整个生态系统的准备,”Aggarwal说
短时间
标记要求将影响订阅以及一次性支付和网上商家将构成一个特殊的挑战需要处理退款。酒店运营商无法收取出现费用在最后一刻被取消的情况下,行业成员指出。
随着RBI已经给银行选择tokenise与否,没有处罚强加给他们,如果他们不这样做,行业协会是要求银行监管机构允许银行和网络的第一个测试,展示他们的准备后,商家可以转换到新系统。
“指望商人删除所有卡的数据没有任何可行的选择不合理。央行需要发布准备和复习的状态标记的最后期限,”Aggarwal说。
央行没有回应等的查询到新闻时间。
采取股票
印度支付委员会主席Vishwas Patel说,虽然这三个网络——签证,万事达卡Rupay准备以及许多商人和银行,还有其他几个有待整合。
“PCI要求其成员最终股票的情况,根据他们的反馈我们将在未来2 - 3天一个电话,然后写信给央行。这是一个巨大的系统性的改变,每个人都想要一个平滑过渡,”他说。
早些时候,在其信发送12月9日,印度请求了一个分层的时间表,要求发行人银行和信用卡网络做好准备,然后要求商家集成、测试和从遗留rails确保中断是有限的。
双重打击
行业协会认为短tokenisation时间表,将意味着电子商务部门的双重打击,尤其是小球员已经“不利影响由于经常性支付授权并仍在试图摆脱它。
央行新规的重复支付从10月生效,并允许银行处理汽车借记卡交易后只发送一个pre-debit通知客户付款前至少24小时。它还需要一个单独的流汽车交易上面Rs 5000,客户需要手动验证此类支付一次性密码(OTP)。
行业团体认为,过渡将在小公司的成本比大型企业资源的快速实施这样一个复杂的系统。国家软件和服务公司协会表示,为了证明自己的观点的重复支付,HDFC银行在09年12月,2021年,33岁的商人在其网站上列出生活的商人站指令。33这些商人是一个中小企业。同样,是的银行已经有11个商人住的列表;都是中小企业。
“这将集中的市场更大的球员," ADIF乔治说。
读到
Top technology and internet<\/a> groupings are rushing to petition the country’s central bank seeking delayed implementation of its tokenisation<\/a> mandate that requires online merchants to erase all stored payment details of customers by December 31. Global and local companies represented by trade bodies such as Nasscom and the Alliance of Digital India Foundation<\/a> (ADIF) will seek a phased implementation of the new mandate and a minimum timeframe of two years for the transition, multiple people aware of the developments told ET.
Companies, which fear there will be “large scale” disruption and “mayhem” across online payments platforms beginning on New Year’s Eve, are asking the Reserve Bank of India to “not rush through the tokenisation mandate,” executives said.
“We are asking for more time, no one wants to wake up to mayhem on January 1,” said Sijo Kuruvilla George, executive director of ADIF, which represents companies such as Paytm<\/a> and BharatMatrimony.
Others like the Payments Council of India said the RBI<\/a> mandate calls for “a big systemic change” that requires a smooth transition. It will seek inputs from companies before approaching the RBI this week with a representation, officials said.
An abrupt transition to the new system, which requires all online merchants be it Flipkart, Google<\/a>, Netflix<\/a> or Paytm to wipe out stored card details of all customers by December 31 and take their consent for tokenisation, could shave off close to one-third of the digital industry’s revenues, according to ADIF. The industry grouping estimates this could lead to hundreds of small and medium merchants as well as payment operators being pushed out of business.
In September, the RBI amended its tokenisation framework-- first introduced in March 2020--to include card-on-file data, this according to industry sources is the crux of the problem as they have not been given sufficient time for implementation.
According to the new rules, online shoppers must either key in their card details every time they make a purchase or consent to tokenise their card data through an additional factor of authentication (AFA). Online merchants and payment aggregators can store the last four digits of the actual card number and card issuer’s name, only after receiving specific consent.
Ashish Aggarwal, vice-president-public policy at Nasscom said, “Unless 80% of the cards used can be tokenized, the transition should not be forced.”
Tokenisation is the process of replacing the 16-digit credit or debit card number for mobile and online transactions with a unique digital identification known as a \"token”, which is a random string of 16-digit numbers. It can enable a transaction without disclosing the cardholder's account information to either the merchant or any intermediaries.
“There are huge challenges for merchants. Even if a particular bank or network is ready, it doesn’t translate into readiness of the entire ecosystem,” Aggarwal said
Short timeline<\/strong>
The tokenization mandate will impact both subscriptions as well as one-time payments and will pose a special challenge for online merchants required to process refunds. Hotel operators won't be able to charge a no-show fee in case of a last-minute cancellation, industry members pointed out.
As the RBI has given the banks the choice to tokenise or not, with no penalty imposed on them if they don’t, Nasscom is requesting the banking regulator to allow banks and networks to first test and demonstrate their readiness following which merchants can transition to the new system.
“Expecting merchants to delete all card data in the absence of any viable alternative is not reasonable. RBI needs to publish the status of readiness and review the deadline for tokenization,” Aggarwal said.
RBI did not respond to ET’s queries till press time.
Taking stock<\/strong>
Vishwas Patel, chairman of the Payments Council of India said that while all three networks – Visa, Mastercard<\/a> and Rupay are ready as well as many merchants and banks, there are several others that are yet to be integrated.
“PCI has asked its members to take final stock of the situation and based on their feedback we will take a call in the next two-three days and then write to RBI. This is a big systemic change, and everyone wants a smoother transition,” he said.
Earlier, in its letter sent on December 9, Nasscom had petitioned for a tiered timeline -- requiring issuer banks and card networks to be ready first and then requiring merchants to integrate, test and move from legacy rails to make sure the disruption is limited.
Double whammy<\/strong>
Nasscom is of the view that the short timeline for tokenisation, will mean a double whammy for the digital commerce sector, especially small players who are already “adversely affected due to the recurring payments mandate and are still trying to emerge from it.
RBI’s new rules on recurring payment came into effect from October and allows banks to process auto debit transactions only after they send a pre-debit notification to customers at least 24 hours before the payment. It also requires a separate flow for auto transactions above Rs 5,000 that customers need to authenticate such payments manually with a one-time password (OTP).
Industry bodies contend that the transition will come at the cost of smaller players compared to large businesses that have the resources to put in place such a complex system quickly. To prove its point, Nasscom said that in case of recurring payments, HDFC Bank<\/a> has, as on December 09, 2021, listed 33 merchants on its website that are live with its Merchant Standing Instructions. Neither of these 33 merchants is a SME. Similarly, Yes Bank has a list of 11 merchants who are live; neither is a SME.
“This will concentrate the markets with the bigger players,” ADIF’s George said.
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