Merchants’ association flags readiness for RBI tokenisation

Netflix, Microsoft, Spotify and Disney Hotstar are among the top global service providers that have raised questions on the feasibility of making recurring payments through mandatory tokens from October 1, seeking central bank intervention through an industry body to ensure glitch-free transactions in a regime that will bar merchants from storing subscriber card details.

The MPAI, an association that represents merchants, has requested the Reserve Bank of India (RBI) to plug issues around recurring payments through tokens before giving effect to the no-card storage rule, three people familiar with the development told ET.