– Only solution to offer a robust combination of network and issuer tokens
– Ability to offer ready-to-use tokenization for all payment methods such as UPI, net banking and contactless device payments
NEW DELHI, 28 October 2021 / PRNewswire / – india leading provider of online payment solutions, announced the launch of its unique ‘PayU Token Hub’ tokenization solution, which will enable businesses to comply with the latest RBI guidelines on online card data storage while enabling issuing banks also generate their own tokens. This solution is built by PayU and Wibmo, a global full stack PayTech company owned by PayU, in partnership with major card networks. including Visa, MasterCard as well as with the main issuing banks. This unique 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-to-file and device tokenization using a single point of integration. Its unique two-pronged solution is available to all traders, including PayU’s 3.5 lakh merchants and 65 Wibmo supported issuers. Businesses can activate PayU Token Hub with minimal technical changes and continue to provide the best payment experience to their customers while ensuring that they comply with the latest standards.
“We welcome the new RBI guidelines as they empower the customer and ensure safer transactions. PayU has built the most innovative and robust solution to manage easy compliance with these guidelines for all ecosystem players. PayU Token Hub is fully interoperable, providing the best of network and issuer tokens for card-on-file extensible use cases at the tap-and-pay device. This ensure that popular payment use cases, including EMI, subscriptions, instant refunds and offer engines that rely on card numbers, can continue seamlessly, â noted Manas mishra, Product Manager, PayU India.
“Wibmo powers a larger issuer ecosystem of more than 65 banks by India for their payment authentication and security services. PayU Token Hub will help issuers support the Tokenization Directive transparently and faster to comply with the RBI Mandate and support RBI’s vision to protect consumer interests. No other player in the market has such a robust combination of network and issuer tokens“, noted Suresh Rajagopalan, CEO of Wibmo.
RBI has demanded that only banks and networks be allowed to store customer card data from January 1, 2022. This means businesses will not be able to store customer card information. With the storage of card details at the heart of a consumer’s payment experience, otherwise entering card details every time will hamper business growth online. Although the current guidelines are specific to card data storage, PayU Token Hub will soon expand to allow businesses to securely store and create tokens through other popular payment methods such as UPI and Net Banking. and payments by contactless device.
About PayU India
PayU, india leading provider of online payment solutions, is regulated by the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market. PayU India aims to create a comprehensive digital financial services platform to meet all the financial needs (exploited and untapped) of customers (merchants, banks and consumers) through technology. PayU provides payment gateway solutions to online businesses using its cutting edge and award winning technology. In India, PayU serves over 350,000 merchants with over 100 local payment methods and is the preferred payment partner of nearly 60% of online merchants, including all major e-commerce companies and the majority of airlines.
PayU also developed LazyPay in 2017, an alternative lending platform to offer credit solutions such as Small Ticket Credit (Buy Now Pay Later), app-based loans (instant personal loans) and point-of-sale credit. sale (Merchant EMI). LazyPay Buy Now Pay Later is currently live at over 100 merchants such as Byju’s, Swiggy, Flipkart, Makemytrip, Dunzo, Vodafone, Zomato, Bookmyshow, Oyo, Tata Sky and many more.
SOURCE PayU India