Less than a week left for implementation reserve Bank of India‘s (reserve Bank of India) Tokenization mandate, top traders once again approach regulator to direct banks, payment aggregator And card network Recurring payments are extensively tested to ensure they avoid disruptions.

Without seeking an extension directly, the Merchant Payments Alliance of India (MPAI) requested the RBI to mandate system participants to demonstrate a similar level of success rate in token and card-based payments in a September 26 letter. Do. The letter also requests that all existing e-mandates based on card details be immediately transferred to tokens.

“We request the RBI to make it mandatory for banks, payment aggregators, payment gateways and card networks to show that COFT (card-on-file token) solutions work with similar efficacy to card-based processing in use cases,” read the letter to RBI. “We request RBI to ensure that existing e-mandates based on card details are immediately migrated to tokens.” Recurring payments are extensively tested to avoid drop-off during reconciliation mandate renewals.”

Merchants also request access to test flows to ensure visibility and integration at the merchant level.

“As things stand, we are concerned that inadequately tested solutions will be pushed to the market after October 1, triggering another wave of disruption to card payments,” the industry body said.

MPAI represents a host of Category A merchants including Netflix, Microsoft. Spotify and Disney Hotstar.

Tokenization is a process by which card details are replaced with a unique code or token, allowing online purchases to be made without exposing sensitive card details.