PayU, leading online payments solutions provider, announced the launch of its unique tokenisation solution ‘PayU Token Hub’, which will enable businesses to comply with RBI’s latest guidelines on online card data storage whilst allowing issuing banks to also generate their own tokens.
This solution is built by PayU and Wibmo, a PayU owned full stack global PayTech company, in partnership with major card networks including Visa, MasterCard as well as with leading issuing banks. This unique solution offers both network tokens and issuer tokens under single hub.
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.
“We welcome the new RBI guidelines, as they empower the customer and ensure safer transactions. PayU has built the most innovative & robust solution to manage easy compliance with these guidelines for all players in the ecosystem. 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” said Manas Mishra, Chief Product Officer, PayU India.
“Wibmo powers larger issuer ecosystem of over 65 banks in India for their authentication services and payment security. PayU Token Hub will help the issuers support the tokenisation guideline in a seamless and faster manner to comply with RBI mandate and support the RBI vision of protecting consumer interests. No other player in the market has such a robust combination of network and issuer tokens”, said Suresh Rajagopalan, CEO of Wibmo.