Payments platform PayU successfully tokenises over 50 mn cards

Payments platform PayU on Thursday announced the successful tokenisation of more than 50 million cards to date. The move comes ahead of the deadline for tokenising debit and credit cards. Last year, RBI mandated entities other than card networks and card issuers to not store debit or credit card data with them. The due date of tokenisation is set on September 30, 2022.

In a statement today, PayU said, it has the potential to tokenize 90% of all domestic transactions, as it is live with India’s largest payment networks — Visa, Mastercard, and RuPay, and is fully certified by them as a token requestor and token provider.

Manas Mishra, Chief Product Officer, PayU payments said “The achievement speaks to PayU’s commitment to helping merchants comply with government regulations without compromising customer convenience. We have already integrated some of the largest merchants in the country, and as the deadline approaches, we look forward to helping more businesses and their customers with a smooth transition.»

Launched in October 2021, PayU Token Hub is a unique solution offering both network tokens and issuer tokens under a single hub. It has the widest coverage of card and bank networks and is also live on American Express and Diners Club. Success rates are 6-7% higher, on average, for tokenized transactions processed by PayU, compared to transactions through debit and credit cards.

Mishra added, «With Token Hub we are working towards Government’s Digital India vision as we believe this regulation will boost the digital payments ecosystem by making online transactions safer from cyber frauds and thefts.»

PayU Token Hub helps businesses comply with RBI’s latest guidelines on online card data storage whilst allowing issuing banks to also generate their own tokens.

As per the statement, to enable merchants and banks to comply with tokenization guidelines, PayU’s Token Hub plays an integral role in providing a frictionless payment experience in tokenizing card details with minimal steps in the transaction process. Businesses can integrate this unique, interoperable, plug-n-play solution with zero-code change and can go live on Token Hub within just a day.

Powered by Wibmo, PayU Token Hub is developed as an interoperable plug-n-play solution, to enable card on file and device tokenization using a single integration point.

RBI’s tokenisation norms will take force from October 1, 2022.

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