Paytm, One97 Communications brand has announced that the company has now tokenized over 93 per cent of the monthly active cards on their application.
The company has tokenized 52.3 million cards across VISA, Mastercard and RuPay in its effort to make card transactions safer and drive convenience for consumers.
"We have made great progress in card-on-file tokenization, with over 93 per cent of monthly active cards on Paytm app tokenized. Being a leader in digital payments, we are aligned with RBI's initiative to make online card transactions safe and secure for consumers," Paytm spokesperson said.
With this, the company has made significant progress in the card-on-file tokenization initiative by the Reserve Bank of India (RBI).
The company remains on track to meet RBI's deadline to purge saved card data ahead of the RBI deadline.
RBI's Card-on-file tokenization mandate requires all online platforms to comply with the new initiative and make digital payments secure for citizens.
As per the RBI's guidelines, all online merchants/ecommerce stores have to comply with the card-on-file tokenization feature by September 30.