PayU launches tokenisation solution – The Hindu BusinessLine
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PayU on Thursday launched its tokenisation solution ‘PayU Token Hub’, which will enable businesses to comply with RBI’s latest guidelines on online card data storage whilst allowing issuing banks to also generate their own tokens.
Built on PayU-owned Wibmo in part partnership with major card networks including Visa, MasterCard as well as with leading issuing banks, this solution offers both network tokens and issuer tokens under single hub.
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PayU Token Hub is as an interoperable plug-n-play solution, to enable card on file and device tokenisation using a single integration point. The solution is available to all merchants, including PayU’s 3.5 lakh merchants and 65 issuers supported by Wibmo.
Manas Mishra, Chief Product Officer, PayU India said, “We welcome the new RBI guidelines, as they empower the customer and ensure safer transactions. PayU has built the most innovative & robust solution to manage easy compliance with these guidelines for all players in the ecosystem. PayU Token Hub is fully interoperable, providing best of network and issuer tokens for card-on-file use cases extensible to device tap-and-pay. It will ensure that popular payments use cases including EMI, subscriptions, instant refunds and offers engines which rely on card numbers can continue seamlessly.”
RBI mandated that only banks and networks will be allowed to store customer card data w.e.f January 1, 2022, hampering customer payments experience at a e-commerce business levels. While the current guidelines are specific to card data storage, PayU Token Hub will soon expand to enable businesses to safely store and create tokens across other popular payment modes like UPI and net banking and contactless device payments.
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