Netherlands-based payment service provider PayU announced on Thursday that it has tokenised over 50 million cards to date.
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The announcement comes just a week before RBI’s deadline to payment providers on the card-on-file (CoF) tokenisation directive. Services like PayU help streamline this process for online merchants.
“PayU has the potential to tokenize 90% of all domestic transactions, as it is live with India’s largest payment networks - Visa, Mastercard, and RuPay, and is fully certified by them as a token requestor and token provider,” the company said in a release.
The company’s PayU Token Hub offers both network tokens and issuer tokens, and businesses can go live within a day with zero code change. PayU’s CPO Manas Mishra said the company had already integrated some of India’s largest merchants.
“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,” he said.
PayU claims to have the widest coverage of card and bank networks, including American Express and the Diners Club.
