NPCI authenticates PayPhi's tokenization service on RuPay cards
By MYBRANDBOOK
The National Payments Corporation of India certified PayPhi, Phi Commerce’s API-first digital payments platform, as its first tokenization service for NPCI’s Tokenization System (NTS) that supports tokenisation on RuPay cards.
New and existing merchants and aggregators will be able to integrate the service in the coming days and start processing token-based transactions.
The Reserve Bank of India had rolled out a set of guidelines to store sensitive customer information in the form of encrypted ‘token’.
To comply with this guideline, NPCI announced the launch of NPCI Tokenisation system (NTS) to support tokenization of cards as an alternative to storing card details with merchants. PayPhi Tokenization service manages all aspects of tokenization for RuPay cards - from requesting TROF, to facilitating transactions as well as life cycle management, all can be managed via a single solution. New and existing merchants and aggregators will be able to integrate in a matter of days and start processing token-based transactions. PayPhi Tokenization service ensures seamless migration of existing cards on file to NPCI TROF thereby ensuring business continuity.
Tushar Shankar, Head Business Development and Co-Founder of Phi Commerce said, “It is our constant endeavour to provide businesses and consumers with 100% transaction security without any compromise in user experience. We are very excited and proud that PayPhi Tokenization service has been certified for NPCI’s NTS platform. It is our endeavour to enable all our merchant partners and their consumers across all card brands to comply with the RBI guideline wef Jan 1, 2022.”
Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCI said, “We are excited that Phi Commerce is partnering us in our efforts of providing RuPay cardholders with top-notch payment experience & best in class security. Plug and play tokenization services like PayPhi will help various players in the digital ecosystem meet the RBI deadlines of replacing cards of file data with secure tokens.”
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