Pine Labs today announced the launch of ‘Plural Tokenizer’, a tokenisation solution that works across leading card networks. This Card-on-File or CoF tokenisation solution will be replacing the debit or credit card details of the cardholder with what are called ‘tokens’ or randomly generated numbers. This launch is in compliance with the Reserve Bank of India (RBI) guidelines that mandate no entity other than the card issuer or card networks to store actual cardholder data with effect from January 1, 2022.
Plural Tokenizer comes with features such as OTP-based Two-Factor Authentication, visibility to issuers on where the tokens are being stored, cryptograms that are unique to each transaction, and issuance of tokens to merchants for a particular use case that cannot be used outside that specific merchant (CoF) use case or domain (F2F) use case.
“The launch of Plural Tokenizer is our endeavor to make the payment transaction experience more secure for the end user i.e., our merchant’s customers. Plural is today the only omnichannel platform in India to manage tokens across offline and online payment experiences. For merchants aiming to deliver a consistent user experience and higher transaction approval rates with speed and security as foremost considerations, there is no better available option than Plural. I am happy to reveal that Plural’s existing merchants are already migrating to the tokens solution,” said Tanya Naik – Head of Online Business at Pine Labs.