After several delays, India's central bank this fall enacted payment security rules prohibiting the storage by merchants of customers' credit card details. Instead, digital tokens would stand in. Not entirely ready, the travel industry got an extension, to June 2024, to work out how to use tokens when intermediaries like GDSs, TMCs and OBTs are involved in transmitting customer info.
Part of India's Ministry of Finance, the Reserve Bank of India implemented the rules on Sept. 30. Without the additional extension for travel transactions, travel management operations faced disruption.
RBI went for tokenization . . .