PayU Token Hub Helps Enterprises Follow Latest Tokenisation Norms -:- www.deekpay.com

Is your business following the latest tokenisation specifications? If it hasn't, make sure you get compliant as soon as possible before it's too late. Find out what the latest specification is all about, its implications and how PayU can help your organisation comply with the latest standards.

1. What is tokenisation?

2. What is the latest tokenisation specification?

3. Enterprises affected by the latest norms

4. PayU Token Hub the right solution for your business

5. Advantages of the PayU Token Hub

What is tokenisation?

Tokenisation is the replacement of sensitive data with non-sensitive data, i.e. "tokens". The latest tokenisation specifications are based on this idea.

What is the latest tokenisation specification?

Sensitive data is replaced with 'tokens' of non-sensitive data, which is known as tokenisation. According to the latest regulation, from 1 October 2022, businesses and payment aggregators will not be allowed to store customer card details (e.g. 16-digit card number, CVV, etc.). Only payment networks (e.g. Visa, Mastercard, etc.) and card issuers (e.g. banks) can store this information. This data should be shared with businesses and payment aggregators in a tokenised format.

Businesses affected by the latest norms

These regulations affect all businesses that sell online. We know that repeat transactions are an important pillar of all businesses. As this norm affects the customer experience, it also affects repeat transactions.

PayU Token Hub is the right solution for your business!

PayU launches PayU Token Hub to help you adopt new specifications. This solution will ensure compliance with the latest specifications and bring visibility to your business. Let us know more about PayU Token Hub!

The PayU Token Hub is a customised solution for businesses like yours. It has the highest coverage and you can integrate directly with all payment networks and card issuers. You can manage tokens and customer consents from a single dashboard.

Benefits of PayU Token Hub

The PayU Token Hub is the first fully compatible tokenisation solution for network and issuer token compliance. This will set you apart from your competitors. Here are its benefits in detail:

- Widest coverage of payment networks and card-issuing banks

The PayU Token Hub has been developed by PayU in partnership with Wibmo and works with all major card networks including Visa, Mastercard, Rupay and all leading card issuing banks. According to a recent report by Inc42, Visa has the largest market share in India at 441 TP3T, followed by Mastercard at 361 TP3T and RuPay and other cards at 201 TP3T, making the use of the PayU Token Hub highly beneficial to your business, helping you to retain your existing customer base while growing your market share. PayU Token Hub will soon be able to tokenise AmEx, Diners and HDFC card networks.

- completely compatible

It supports issuance of issuer and network tokens in a single hub. Therefore, you can choose to use the PayU Token Hub to issue either network or issuer based tokens. This allows your organisation to maintain the local payment experience gained through direct integration with your bank, thus increasing success rates.

- Certification and readiness

PayU is fully certified by Mastercard and Visa as a token requester and provider. As a token requester, PayU can now request tokens on behalf of businesses. As a token service provider, PayU will be able to issue, manage and operate payment tokens. This enhances PayU's ability to provide a seamless payment experience to the ecosystem.

- Easy integration

PayU Token Hub is a tokenisation solution for your website or application. You can choose our zero-code change approach and start using it within a day.API can also be customised to suit your business needs.

- Seamless customer experience

With saved payment details and personalised, real-time recommendations on the best way to pay, you can continue to provide a seamless customer payment experience.

- Future-ready solutions

PayU Token Hub is a single solution for all payment methods. It supports tokenisation for all payment methods. You don't need to deal with different tokenisation solutions for each payment method your business uses. You are fully covered by this future-ready solution.

Let's take a look at the differences in how your business transacts with and without the PayU Token Hub.

Step 1: Payment checkout screen

The left side shows the interface without PayU Token Hub. The right side shows the interface with PayU Token Hub.

Customers do not need to enter payment details as they are already saved. They will also get real-time recommendations for payment methods.

Step 2: Enter the difference in details

The left side shows the interface without PayU Token Hub. The right side shows the interface with PayU Token Hub.

If your business is not using PayU Token Hub, customers will need to add payment details themselves. If using PayU Token Hub, customers will only need to see a few saved payment methods and then authenticate them.

Step 3: Possibility of error due to customer entering incorrect card payment details

The left side shows the interface without PayU Token Hub. The right side shows the interface with PayU Token Hub.

Using the PayU Token Hub will increase transaction success rates while improving the customer experience.

To learn more about complying with the latest tokenisation specifications, please visit our product team:

Final thoughts

These new regulations may affect your business in the short term, but in the long term they will improve consumer control and data security. These norms will pave the way for a more improved and secure payments ecosystem.

common problems

What happens to saved corporate card data? All businesses must migrate to a compliant solution by 30 September 2022 and from 1 October 2022 this data must not be stored. Only data acquired after Additional Factor Authentication (AFA) can be retained from 1 October 2022 with a compliant partner.

Can I use PayU Token Hub even if I am not a PayU payment gateway customer or use multiple PGs? Yes, PayU Token Hub is a solution decoupled from the PayU payment gateway. Therefore, any business that currently uses another payment gateway can use PayU Token Hub.

Do businesses have to delete card details if the customer has not given consent by 30 June 2022? Yes, if the customer has not given consent by 30 September 2022, the business must delete the card details.

Who is responsible for implementing tokenisation? Both the payment network and the issuing bank are allowed to continue tokenising the card. For example, if a customer has an HDFC Visa credit card, either Visa or HDFC can tokenise the card, both are allowed to do so. However, Visa cannot tokenise MasterCard and HDFC cannot tokenise cards issued by other banks.