RBI issued a notification today extending the timeline for CoF (Card on File) requirement until June 22, 2021. But there is also a clarification there that “industry stakeholders may devise alternate mechanism(s) to handle any use case (including recurring e-mandates, EMI option, etc.) or post transaction activity (including chargeback handling, dispute resolution, reward / loyalty programme, etc.) that currently involves / requires storage of CoF data by entities other than card issuers and card networks”.
What does this mean really?