Thursday, May 19, 2022
HomeBusinessPaytm has issued tokens for about 2.8 crore cards

Paytm has issued tokens for about 2.8 crore cards

New Delhi, May 5 (PTI) One97 Communications Ltd, the digital financial services company that operates Paytm, has so far issued tokens for 28 million cards and is likely to remove the secure card data by June 30.

Paytm Founder and CEO Vijay Shekhar Sharma said in a statement that as per the Reserve Bank of India (RBI) guidelines, the system has been implemented to issue token number of customers’ cards. He said that around 80 per cent of the active cards used on Paytm have been issued tokens.

“Paytm is committed to secure online payments and RBI’s initiative to issue card tokens is a big step in that direction,” Sharma said.

Under the token system, the original details of the card used on any online payment platform will not be retained and instead a token number will be issued which will be unique.

Instead of using the original card details, this token can also be used without any contact at the time of payment through POS machines and QR codes.

RBI has asked online payment platforms to prepare for deletion of data related to cards kept with them and introduce token system for all cards by June 30.

Paytm said, “The company has so far issued about 28 million card tokens of Visa, MasterCard and RuPay to make online card payments secure for consumers. The retained card will be in a position to delete the relevant data.”


Html code here! Replace this with any non empty raw html code and that's it.


Most Popular