Online payment solutions provider PayU has announced the launch of its ‘unique’ token solution ‘PayU Token Hub’ to enable businesses to comply with the latest RBI guidelines on online card data storage, while also enabling issuing banks Allows you to generate your own token. 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 major issuing banks. PayU says that the solution offers both network token and issuer token under a single hub.
Powered by Wibmo, PayU Token Hub has been developed as an interoperable plug-n-play solution to enable card on file and device tokens using a single integration point. Its two-way solution is available to all merchants, including 3.5 lakh merchants on PayU and 65 issuers backed by Wibmo. Businesses can enable PayU Token Hub with minimal technical changes and continue to provide a seamless payment experience to their customers in compliance with the latest norms.
Speaking on the development, Manas Mishra, Chief Product Officer, PayU India, said in a press note, “The PayU Token Hub is a fully interoperable, extensible network for device tap-and-issuer for card-on-file use cases. The token offers. Pay Tax. This will ensure that popular payment use cases including EMIs, subscriptions, instant refunds and offering engines that rely on card numbers continue uninterrupted.”
Wibmo CEO Suresh Rajagopalan also lauded the token solution and added that the PayU Token Hub will help issuers to support the tokenization guidelines in a “seamless and fast manner” to comply with the RBI order.
RBI mandated that only banks and networks would be allowed to store customer card data with effect from January 1, 2022. This meant that businesses would not be able to store customer card information. On the consumer side, unlike entering the Card Verification Value (CVV) and One-Time Password (OTP), they may have to enter their 16-digit card number every time they make an online purchase. While the current guidelines are specific to card data storage, PayU Token Hub will soon expand to enable businesses to securely store and generate tokens across UPI and other popular payment modes such as net banking and contactless device payments.
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