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The Reserve Bank of India (RBI) has fired a shot across the bow of global tech giants by mandating that tokenisation and authentication services must be offered on an open, interoperable basis. In its newly issued Authentication Mechanisms for Digital Payment Transactions Directions, 2025, the regulator has directed that if a device or operating system enables tokenisation, the feature must be accessible to all apps and payment providers in that ecosystem, not just to the company that owns it.
This move has significant implications for players like…
