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Technology Law + Regulatory Hotline – View: Two tremendous transitions too soon for digital payments industry

Technology Law + Regulatory Hotline – View: Two tremendous transitions too soon for digital payments industry

Posted by By at 25 November, at 17 : 41 PM Print


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November 25, 2021

VIEW: TWO TREMENDOUS TRANSITIONS TOO SOON FOR DIGITAL PAYMENTS INDUSTRY

 


This article was originally published in the 24th November 2021 edition of


SUMMARY

The article focuses on the card data storage restrictions imposed in the digital payments industry, possible tokenization solutions and industry-related issues. Furthermore, given that the industry is still trying to cope with the new recurring payments regime that was introduced in October, the article proposes that graded timelines be prescribed by the RBI for holistic and effective deployment of tokenization solutions so that consumers are not inconvenienced and online merchants’ businesses are not disrupted. The article also brings to light a few operational hurdles arising from the reading of the RBI directives, which need to be ironed out.

For the complete article, please click here.

– Aaron KamathHuzefa Tavawalla & Gowree Gokhale

You can direct your queries or comments to the authors


Benchmark Litigation Asia-Pacific:Tier 1 for Government & Regulatory and Tax
2020, 2019, 2018

Legal500 Asia-Pacific:Tier 1 for Tax, Investment Funds, Labour & Employment and TMT
20a20, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012

Chambers and Partners Asia-Pacific:Band 1 for Employment, Lifesciences, Tax and TMT
2020, 2019, 2018, 2017, 2016, 2015

IFLR1000:Tier 1 for Private Equity and Project Development: Telecommunications Networks.
2020, 2019, 2018, 2017, 2014

AsiaLaw Asia-Pacific Guide 2020:Ranked ‘Outstanding’ for TMT, Labour & Employment, Private Equity, Regulatory and Tax

FT Innovative Lawyers Asia Pacific 2019 Awards: NDA ranked 2nd in the Most Innovative Law Firm category (Asia-Pacific Headquartered)

RSG-Financial Times: India’s Most Innovative Law Firm
2019, 2017, 2016, 2015, 2014

Who’s Who Legal 2020:
• Nishith Desai- Thought leader (Corporate Tax 2020, India 2020), Global leaders
(Private Funds 2020)
• Vikram Shroff-Global Leaders (Labour & Employment 2020, Pensions & Benefits 2020)
• Milind Antani- Pharma & Healthcare – only Indian Lawyer to be recognized for
‘Life sciences – Regulatory,’ for 5 years consecutively


DISCLAIMER

The contents of this hotline should not be construed as legal opinion. View detailed disclaimer.

This Hotline provides general information existing at the time of preparation. The Hotline is intended as a news update and Nishith Desai Associates neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this Hotline. It is recommended that professional advice be taken based on the specific facts and circumstances. This Hotline does not substitute the need to refer to the original pronouncements.

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