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.”
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
ICONS OF INDIA : SANJAY NAYAR
Sanjay Nayar is a senior finance professional in the Indian private in...
ICONS OF INDIA : RAMESH NATRAJAN
Ramesh Natarajan, CEO of Redington Limited, on overcoming ‘technolog...
ICONS OF INDIA : SACHIN BANSAL
Sachin Bansal is an Indian entrepreneur. He is best known as the found...
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - Thomas Kurian, CEO- Google Cloud
Thomas Kurian, the CEO of Google Cloud, has been instrumental in expan...