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Razorpay launches card tokenization solution
October 25, 2021
Fintech platform Razorpay has announced new tokenization solution for organizations in India to enable their end-customers to keep experiencing the comfort of saved card transactions, presently with added security and in compliance with RBI rules.
The solution termed ‘Razorpay TokenHQ’ is a multi-network Card-on-File (CoF) Tokenisation arrangement that will work across all significant card networks including Mastercard, RuPay, and Visa.
Practically the whole base of 5,000,000 organizations utilizing Razorpay’s services will be prepared to help tokenized card transactions.
Recently, the Reserve Bank of India had issued a new set of rules that disallow business, payment aggregators, and acquiring banks from putting away clients’ credit/debit/prepaid card information. The new rules permit just card organizations and card guarantors to store client card information, and authorizations organizations to utilize tokens for offering saved card experience during online payments.
COF tokenisation is the most common way of transforming sensitive cardholder information into a string of randomly generated numbers called a “token”, which has no meaningful value if breached. All partners are needed to guarantee full compliance with the tokenisation system by 31st December 2021.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Post Graduate Diploma in Management (PGDM): https://tscfm.org/courses/3-in-1-management-program/