PayU launches token solution in compliance with latest RBI norms

PayU has launched a tokenization solution ‘PayU Token Hub’, which will help 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 in partnership with Visa, MasterCard as well as with leading issuing banks. This solution offers both network tokens and issuer tokens under single hub.

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. Businesses can use it with minimal technical changes and ensuring they are compliant with the latest norms.

“We welcome the new RBI guidelines, as they empower the customer and ensure safer transactions. 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,” Manas Mishra, chief product officer, PayU India, said.

It will ensure that popular payments use cases including EMI, subscriptions, instant refunds and offers engines which rely on card numbers can continue seamlessly, he added.

RBI mandated that only banks and networks will be allowed to store customer card data w.e.f January 1, 2022. This means that businesses will not be able to store customer card information. Card details storage being the core of a consumer’s payment experience.