Technology Law + Regulatory Hotline – View: Two tremendous transitions too soon for digital payments industry
Posted by By nishithadmin at 25 November, at 17 : 41 PM Print
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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 Kamath, Huzefa Tavawalla & Gowree Gokhale
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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.
