In a bid to help Indian businesses adhere to the Reserve Bank of India guidelines, ensuring complete compliance with the tokenisation framework, Razorpay has launched ‘Razorpay TokenHQ’.
Razorpay TokenHQ is aimed at offering assistance to end-customers to ensure continuity of experiencing the convenience of saved card transactions.
Earlier, Reserve Bank had announced a new guidelines, barring businesses, payment aggregators, and acquiring banks, from storing customers’ credit, debit or prepaid card information.
As per the new RBI rules, only card networks and card issuers are permitted to store customer card information, and sanctions businesses to use tokens for offering saved card experience during online payments.
“Newer (RBI) regulations offer tremendous opportunities for us to innovate and develop localised solutions that work well for Indian businesses. Tokenisation is one such regulatory development, and Razorpay TokenHQ is a homegrown solution that will enable businesses to continue to offer seamless payments while ensuring individuals have control over their card data. India’s First Multi-Network tokenisation solution, ‘TokenHQ’, will work across all major card networks, thus enabling every business in India to tokenise customer card information,” said Shashank Kumar, CTO & Co-Founder, Razorpay.