Cashless Consumer#CashlessConsumer #CoFT https://themorningcontext.com/internet/inside-the-chaotic-race-to-tokenize-cards
Biggest issue with the tokenization model is there are grey areas in terms of regulatory oversight.
There is now a new class of intermediaries called token requestors, which are not directly
regulated by the RBI. You are creating a parallel set of unregulated entities in the cards
ecosystem.
regulated by the RBI. You are creating a parallel set of unregulated entities in the cards
ecosystem.
Token requesters can store the card tokens in a card vault, they will become a proxy stored-card entity and on the other side they will have transaction data from
merchants.
merchants.
Srikanth ஸ்ரீகாந்த்They can cross-relate transactions between the merchants and the card tokens they store to conduct data analytics. Is this permitted? Is this regulated?