Last year, RBI mandated entities other than card networks and card issuers to not store debit or credit card data with them. The due date of tokenization is set on September 30, 2022.
Payments platform PayU on Thursday announced the successful tokenization of more than 50 million cards to date. The move comes ahead of the deadline for tokenizing debit and credit cards. Last year, RBI mandated entities other than card networks and card issuers to not store debit or credit card data with them. The due date of tokenization is set on September 30, 2022.
In a statement today, PayU said, it has the potential to tokenize 90% of all domestic transactions, as it is live with India’s largest payment networks – Visa, Mastercard, and RuPay, and is fully certified by them as a token requestor and token provider.
Launched in October 2021, PayU Token Hub is a unique solution offering both network tokens and issuer tokens under a single hub. It has the widest coverage of card and bank networks and is also live on American Express and Diners Club. Success rates are 6-7% higher, on average, for tokenized transactions processed by PayU, compared to transactions through debit and credit cards.
PayU Token Hub helps businesses comply with RBI’s latest guidelines on online card data storage whilst allowing issuing banks to also generate their own tokens.
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. RBI’s tokenisation norms will take force from October 1, 2022.