Razorpay launches tokenisation solution in partnership with Mastercard, RuPay and Visa

Fintech firm Razorpay on Friday announced a new a tokenisation 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 tokenised card transactions, a statement said.

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) tokenisation 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 tokenisation framework by December 31, 2021.

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