Online payment solutions provider PayU has announced the launch of its ‘unique’ tokenisation solution ‘PayU Token Hub’ to enable businesses to comply with RBI’s latest guidelines on online card data storage whilst allowing issuing banks to also generate their tokens. The solution is built by PayU and Wibmo, a PayU owned full-stack global PayTech company, in partnership with major card networks including Visa, MasterCard – and leading issuing banks. PayU says the solution offers both network tokens and issuer tokens under a single hub.
Powered by Wibmo, PayU Token Hub is developed as an interoperable plug-n-play solution, to enable card on file and device tokenisation using a single integration point. Its two-pronged solution is available to all merchants, including PayU’s 3.5 lakh merchants and 65 issuers supported by Wibmo. Businesses can enable PayU Token Hub with minimal technical changes and continue to offer a seamless payment experience to their customers in compliance with the latest norms.
Speaking over the development, Manas Mishra, Chief Product Officer, PayU India in a press note said, “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.”
Suresh Rajagopalan, CEO of Wibmo, also lauded the token solution and added PayU Token Hub would help the issuers support the tokenisation guideline in a “seamless and faster manner” to comply with the RBI mandate.
RBI mandated that only banks and networks will be allowed to store customer card data from January 1, 2022. What it meant was businesses would not be able to store customer card information. From the consumer’s side, they may have to enter their 16-digit card number every time they shop online as opposed to entering the card verification value (CVV) and the one-time password (OTP). 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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