PayU, a leading online payments solutions provider, announced the launch of its unique tokenisation solution ‘PayU Token Hub’, according to Business Standard.
The new solution will enable businesses to comply with Reserve Bank of India’s (RBI’s) latest guidelines on online card data storage, while allowing issuing banks to also generate their own tokens. This solution has been built by PayU and Wibmo, a PayU-owned full stack global PayTech company, in partnership with major card networks such as Visa and MasterCard, and leading issuing banks. The solution offers both network tokens and issuer tokens under single hub.
Manas Mishra, chief product officer, PayU India. “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.”
„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. Its unique two-pronged solution is available to all merchants,” the company said.
“Wibmo powers larger issuer ecosystem of over 65 banks in India for their authentication services and payment security,” said Suresh Rajagopalan, CEO of Wibmo. “No other player in the market has such a robust combination of network and issuer tokens.”
RBI mandated that only banks and networks will be allowed to store customer card data, with effect from, January 1, 2022. This means that businesses will not be able to store customer card information. Card details storage is the core of a consumer’s payment experience – without entering card details every time, will hamper online growth for businesses.
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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
