Razorpay has announce the launch of ‘Razorpay TokenHQ’. TokenHQ is a robust and secure multi-network Card-on-File (CoF) tokenization solution. This announcement came after RBI introduce new guidelines disallowing businesses, payment aggregators, and acquiring banks, from storing customers’ credit/debit/prepaid card information.
RBI brought regulations discontinuing tokenization to protect the interests of customers.
Customers will have to enter their card information manually, every time they transact online.
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
Shashank Kumar, chief technology officer and co-founder, Razorpay, Said :
“The RBI has been making great strides to enhance the security and convenience of digital payments in India. India’s First Multi-Network tokenization solution, ‘TokenHQ’, will work across all major card networks, thus enabling every business in India to tokenize customer card information.”
By using Razorpay TokenHQ, businesses would be able to create, process, delete and modify tokens for online card payments with customers’ consent.
Shashank Kumar also Said :
“We hope to see a lot of developments in building smart, secure fintech solutions for businesses and their end-users in the times ahead”, Kumar added.
THANK YOU FOR READING.
