Razorpay has announced the launch of ‘Razorpay Tokenhq’, a multi-network card solution (COF).
He claims to be a turnkey solution for business, allowing their customers to continue to experience the convenience of card transactions stored, now with additional security and in accordance with the RBI guidelines.
TokenHQ will work on all key card networks including MasterCard, Rupay and Visa.
Earlier this year, the RBI issued a set of new guidelines that prohibit businesses, payment aggregators, and acquire banks, start storing credit / debit / prepaid customer card information.
New guidelines only allow network cards & card publishers to store customer card information, and business sanctions to use tokens to offer card experiences stored during online payments.
Card-on-file (COF) tokenization is a process of changing sensitive card holder data to a randomized string of numbers called “tokens”, which does not have the meaning of meaning if violated.
All stakeholders are needed to ensure full compliance with the tokenenation framework.
On December 31, 2021.
In the past year, India witnessed more than 2x growth in digital payment adoption, which led to the RBI which brought a series of new regulations that protected the interests of consumers.
Customer card framework ensures that customer card information ensures that customer card information ensures that customer card information ensures that customer card information only rests with customers, network networks, and publisher banks, which minimize the risk of leaking card data significantly.
However, in the absence of tokenise, customers must enter their card information manually, every time they transact online.
This may not be convenient for some customers and increase the likelihood of errors in entering data that causes transaction failure.
TOKENGSation, as a technology bridg technology solution for this inconvenience and allows customers and business to maintain “business as usual”, by converting customer card information to be “tokens” encoded.
Razorpay tokenhq is available for all businesses; And traders using other payment gateways can also use Razorpay solutions for tokenise cards and payment routes using existing payment partnerships.
Using Razorpay tokenhq, businesses will be able to create, process, delete, and modify tokens for online card payments with customer approval.
Razorpay TokenHQ allows the existing company customers (at standard and special checkout) to support card tokenization without cost and effort.
Traders with special arrangements can begin integrating Razorpay Tokenhq immediately through our developer friendly fire.