The Reserve Bank of India (RBI) on Friday extended the deadline for card-on-file (CoF) tokens by three months to September 30, 2022, in view of various representations received from industry bodies. Card-on-file, or COF, refers to card information stored by payment gateways and merchants to process future transactions. Tokenization is the process of replacing the original card details with a unique optional code called a ‘token’ – enabling more secure transactions.