Razorpay introduces tokenization along with Mastercard, RuPay and Visa
By MYBRANDBOOK
Razorpay has announced a new tokenization solution for businesses that will allow their end-customers to have the convenience of saved card transactions with added security and in compliance with the RBI guidelines.
The 'Razorpay TokenHQ' will work across all major card networks including Mastercard, RuPay and Visa, and almost the entire base of five million businesses using Razorpay's services will be ready to support tokenized card transactions, a statement said.
Razorpay said, "To help millions of Indian businesses comply with the new RBI guidelines, Razorpay has announced the launch of 'Razorpay TokenHQ'...Razorpay TokenHQ is available for all businesses; and merchants using other payment gateways can also use Razorpay's solution to tokenize cards and route payments using their existing payment partnerships.”
In a bid to further enhance the safety of online transactions, the RBI has 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.
Card-On-File (COF) tokenization is the process of turning sensitive cardholder data into a string of randomly generated numbers called "token", which has no meaningful value if breached. All stakeholders are required to ensure full compliance with the tokenization framework by December 31, 2021.
The card tokenization framework ensures that a customer's card information rests only with the customer, the card network, and the issuing bank, which minimises the risk of card data leaks significantly.
However, in the absence of tokenization, customers will have to enter their card information manually every time they transact online. This leads to friction for the customers and increases the chances of error in entering data leading to transaction failures. Tokenization bridges this inconvenience gap and enables customers and businesses to sustain business as usual, by converting customer card information into a coded “token".
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