Top technology and internet groupings are rushing to petition the country’s central bank seeking delayed implementation of its tokenisation mandate that requires online merchants to erase all stored payment details of customers by December 31.

Global and local companies represented by trade bodies such as Nasscom and the Alliance of Digital India Foundation (ADIF) will seek a phased implementation of the new mandate and a minimum timeframe of two years for the transition, multiple people aware o ..

Companies, which fear there will be “large scale” disruption and “mayhem” across online payments platforms beginning on New Year’
“We are asking for more time, no one wants to wake up to mayhem on January 1,” said Sijo Kuruvilla George, executive director of ADIF, which represents companies such as Paytm and BharatMatrimony.