News Update

Razorpay introduces tokenization in collaboration with Mastercard, RuPay and Visa

• ByStartupStory     |    October 23, 2021

Razorpay, a financial solutions company,  announced a new tokenization solution for businesses on Friday that will allow their end customers the convenience of recorded card transactions with increased security and in compliance with  RBI guidelines. The “Razorpay TokenHQ” will work on all major card networks, including Mastercard, RuPay and Visa, and nearly the entire base of five million businesses using Razorpay’s services will be ready to support tokenized card transactions, a press release said. 

Razorpay TokenHQ allows businesses to create, process, delete and modify tokens for online card payments with customer consent. Razorpay TokenHQ enables existing business customers (on standard and custom registers) to support card tokenization without any cost or effort. 

Traders with custom settings can instantly integrate Razorpay TokenHQ through its developer-friendly APIs, Razorpay said. 

In recent months, the RBI has introduced new guidelines, tightening the snare around digital payment security in India, and Razorpay has been working to introduce solutions that help banks and businesses comply with the new regulatory requirements. 

The new CardOnFile & # 40; COF & # 41; Tokenization is the process of converting sensitive cardholder data into a randomly generated string of numbers, called a “token”, that has no significant value in the event of a breach. The RBI had required all stakeholders to ensure full compliance with the tokenization framework by December 31, 2021. 

With TokenHQ, Razorpay believes businesses can create, process, delete and modify tokens for online card payments with customers. permission. The company added that merchants with custom settings can immediately integrate Razorpay TokenHQ through their developer-friendly APIs.

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