Razorpay introduces tokenization along with Mastercard, RuPay and Visa
By MYBRANDBOOK
Razorpay has announced a new tokenization 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 tokenized card transactions, a statement said.
Razorpay said, "To help millions of Indian businesses comply with the new RBI guidelines, Razorpay has announced the launch of 'Razorpay TokenHQ'...Razorpay TokenHQ is available for all businesses; and merchants using other payment gateways can also use Razorpay's solution to tokenize cards and route payments using their existing payment partnerships.”
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) tokenization 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 tokenization framework by December 31, 2021.
The card tokenization framework ensures that a customer's card information rests only with the customer, the card network, and the issuing bank, which minimises the risk of card data leaks significantly.
However, in the absence of tokenization, customers will have to enter their card information manually every time they transact online. This leads to friction for the customers and increases the chances of error in entering data leading to transaction failures. Tokenization bridges this inconvenience gap and enables customers and businesses to sustain business as usual, by converting customer card information into a coded “token".
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TVS ELECTRONICS LTD.
TAC SECURITY SOLUTIONS
LAVA INTERNATIONAL LTD.
STERLITE TECHNOLOGIES LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
Icons Of India : Bhavish Aggarwal
Indian entrepreneur Bhavish Aggarwal is the CEO of Ola, India’s larg...
Icons Of India : Anil Kumar Lahoti
Anil Kumar Lahoti, Chairman, Telecom Regulatory Authority of India (TR...
PARTNER SPEAKERS
PSU
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
