Financial solutions company Razorpay on Friday has announced the launch of ‘TokenHQ’, a secure multi-network Card-on-File (CoF) tokenisation solution, in line with the recently-issued guidelines by the RBI to secure customers’ financial data.
The company said that this will be a turnkey solution for businesses, allowing their end-customers to continue experiencing the convenience of saved card transactions, now with added security and in compliance with Reserve Bank of India (RBI) guidelines.
“India’s First Multi-Network tokenisation solution, ‘TokenHQ’, will work across all major card networks, thus enabling every business in India to tokenise customer card information,” Razorpay CTP and co-founder Shashank Kumar said in a statement.
TokenHQ will work across all major card networks including Mastercard, RuPay, and Visa. Almost the entire base of five million businesses using Razorpay’s services will be ready to support tokenised card transactions.
Using Razorpay TokenHQ, businesses would be able to create, process, delete and modify tokens for online card payments with customers’ consent. Razorpay TokenHQ enables the company’s existing customers (on standard and custom checkouts) to support card tokenisation at zero cost and effort.
Merchants with customised setups can start integrating Razorpay TokenHQ immediately via its developer friendly APIs, Razorpay said.
Over the past few months, the RBI has introduced fresh guidelines, tightening the noose on digital payments security in India and Razorpay has been working towards introducing solutions that help banks and businesses comply with the new regulatory requirements.