Online payments solutions provider PayU on Thursday (Oct. 28) launched PayU Token Hub, a tokenization platform that helps businesses comply with the Reserve Bank of India (RBI)’s new guidelines for online card data storage and allows banks to create their own tokens.
The offering was built by PayU and full-stack global payments company Wibmo, which partnered with Visa, Mastercard, other major card networks and several issuing banks. It includes network tokens and issuer tokens in one hub.
“We welcome the new RBI guidelines, as they empower the customer and ensure safer transactions. PayU has built the most innovative and robust solution to manage easy compliance with these guidelines for all players in the ecosystem,” said Manas Mishra, chief product officer, PayU India, in the company announcement.
“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,” he said. “It will ensure that popular payments use cases including EMI, subscriptions, instant refunds and offer engines that rely on card numbers can continue seamlessly.”
PayU Token Hub is an interoperable plug-and-play solution that allows card-on-file and device tokenization from one integration point using a two-pronged solution for all merchants, including PayU’s 3.5 lakh merchants and 65 Wibmo-backed issuers.
“Wibmo powers a larger issuer ecosystem of over 65 banks in India for their authentication services and payment security,” said Suresh Rajagopalan, CEO of Wibmo, in the joint announcement. “PayU Token Hub will help the issuers support the tokenization guideline in a seamless and faster manner to comply with RBI mandates and support the RBI vision of protecting consumer interests.”
RBI mandated that only banks and networks will be allowed to store customer card data after Jan. 1, 2022, meaning businesses can’t store their customers’ card information after that time. PayU Token Hub will soon also allow businesses to store and create tokens across other payment platforms, including UPI and net banking, as well as contactless device payments.
Related news: India’s Insurance Comparison Platform Policybazaar Readies for November IPO
Indian FinTech PB Fintech, which owns online platforms Policybazaar and Paisabazaar, has set its initial public offering (IPO) price at ₹940-980 ($12.55-13.09) a share when it opens Nov. 1. The company will list on Nov. 15 and is planning to raise around ₹5,709.72 crore from the IPO, including a fresh issue of ₹3,750 and an offer for sale of ₹1959.72.
The money will help with visibility and awareness of Policybazaar and Paisabazaar.
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