PayU launches tokenisation solution 'PayU Token Hub' with Visa, Mastercard

Thursday 28 October 2021 15:11 CET | News

Netherlands-based payment service provider PayU has announced the launch of ‘PayU Token Hub’, a tokenisation solution for businesses allowing customers to use saved cards.

Built jointly by PayU and Wibmo, a PayU-owned full-stack global PayTech company, PayU Token Hub has partnered with card networks, including Visa, MasterCard, as well as with issuing banks, the company said.

PayU stated that its token hub is developed as an interoperable plug-n-play solution, to enable card on file, and device tokenisation using a single integration point. Its two-pronged solution is available to all merchants, including PayU’s 350,000 merchants and 65 issuers supported by Wibmo.

In a bid to step up the safety of online transactions, the RBI has recently issued a set of guidelines that disallow businesses, payment aggregators, and acquiring banks from storing customers' credit/debit/prepaid card information. The new guidelines allow only card networks and card issuers to store customer card information, and sanctions businesses to use tokens for offering saved card experience during online payments.

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Keywords: tokenization, RBI, product launch, Visa, Mastercard, digital identity, credit card, debit card, regulation
Categories: Fraud & Financial Crime
Countries: India
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Fraud & Financial Crime

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