Payment service provider PayU has announced that it has successfully tokenised more than 50 million cards. The Netherlands-based fintech works with some of India’s largest payment networks including Mastercard, Visa, and RuPay and has been certified by them as a token provider and token requestor.
The company’s PayU Token Hub service offers network tokens and issuer tokens under a single hub. It was launched in October 2021 to assist businesses in complying with the latest RBI guidelines on online card data storage. In addition, PayU Token Hub enables banks to generate their own tokens.
Through PayU Token Hub, merchants and banks can easily comply comply with tokenization guidelines. It offers frictionless payment experience in tokenization card details and doesn’t require many steps to carry out a transaction.
Having crossed the 50 million tokenisation mark, 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 & their customers with a smooth transition.”
Mishra added that PayU is also working in line with the Indian government’s Digital India vision and believes that the this regulation will bolster the digital payments ecosystem by protecting online transactions from thefts and cyber frauds.
PayU Token Hub was developed as an interoperable plug-n-play solution to enable card on file and device tokenization by making use of a single integration point.
According to PayU, Toke Hub covers a range of cards and bank networks and is also live on Diners Club and American Express. PayU claims a 6-7% higher success rate on average for tokenised transaction processed by it as compared to those processed through debit and credit cards. According to the fintech, it has the capability to tokenise 90% of all domestic transactions.
The Reserve Bank of India (RBI) has stated in its extended guidelines that only networks and banks will be allowed to store customer card information with effect from September 30. The bank mandated that all debit and credit card used in online, in-app transactions, and in point-of-sale must be replaced with unique tokens.