PayU successfully tokenizes 50 million+ playing cards, providing a one-stop tokenization solution with Token Hub

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  • With PayU’s zero code change strategy, companies can go stay with Token Hub in a day

NEW DELHI, Sept. 23, 2022 /PRNewswire/ — PayU introduced immediately that it has successfully tokenized over 50 million playing cards to this point. PayU has the potential to tokenize 90% of all home transactions, as it’s stay with India’s largest fee networks – Visa, Mastercard and RuPay, and totally licensed by them as a token requestor and token supplier. PayU Token Hub is a distinctive solution providing each community tokens and issuer tokens beneath a single hub. It has the widest protection of card and financial institution networks, and can also be stay on American Express and Diners Club. Success charges are 6-7% increased, on common, for tokenised transactions processed by PayU, in comparison with transactions by debit and bank cards.

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Speaking on the event Manas Mishra, Chief Product Officer, PayU funds stated, “The achievement speaks to PayU’s commitment to helping merchants comply with government regulations without compromising customer convenience. We have already integrated some of the largest merchants in the country, and as the deadline approaches, we look forward to helping more businesses & their customers with a smooth transition. With Token Hub we are working towards Government’s Digital India vision as we believe this regulation will boost the digital payments ecosystem by making online transactions safer from cyber frauds and thefts.”

PayU Token Hub was launched in October 2021, to assist companies comply with RBI’s newest tips on on-line card information storage while permitting issuing banks to additionally generate their very own tokens. Powered by Wibmo, PayU Token Hub is developed as an interoperable plug-n-play solution, to allow card on file and gadget tokenization utilizing a single integration level.

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According to RBI’s prolonged deadline, solely banks and networks might be allowed to retailer buyer card information w.e.f September 30, 2022.  To allow retailers and banks to conform with tokenization tips, PayU’s Token Hub performs an integral function in providing a frictionless fee expertise in tokenizing card particulars with minimal steps within the transaction course of. Businesses can combine this distinctive, interoperable, plug-n-play solution with zero-code change and might go stay on Token Hub inside simply a day.

About PayU India

PayU is regulated beneath the Reserve Bank of India and has options to fulfill the digital fee wants of Indian retailers. It offers on-line fee options to companies by native fee strategies. PayU additionally developed LazyPay in 2017, an alternate lending platform to supply credit score options.

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