PayU announced that it has been fully certified by Mastercard and Visa as a token requestor and token provider. After achieving this certification, PayU will now have the ability to act as token requestors on behalf of merchants.
The certification by major card networks is a significant milestone towards enabling tokenization solutions for the broader ecosystem. As a token service provider, PayU will be able to issue, manage, and operate payment tokens, providing frictionless payment experiences.
In addition to network certification, WIBMO is actively engaged with issuers to enable Issuer Tokenisation.
PayU is fully equipped to support merchants, acquirers, and fintech entities with 'PayU Token Hub', an advanced and innovative solution that offers both network tokens and issuer tokens under a single hub.
Its unique, two-pronged solution allows merchants, acquirers, and payment gateways the flexibility to choose the right solution based on their needs.
Commenting on the development, Anirban Mukherjee, CEO, PayU India said, ''PayU is proud to receive certification from Mastercard and Visa. It demonstrates our commitment to bring industry-leading payment solutions and enhances our capability to ensure a truly end-to-end, frictionless payment journey for the ecosystem. PayU is excited to be at the forefront of this significant change, enabling stakeholders to embrace the new norms seamlessly.''
Powered by Wibmo, PayU Token Hub is developed as an interoperable plug-n-play solution, to enable card on file and device tokenization using a single integration point. It is available to all merchants, including PayU's 3.5 lakh merchants and 65 issuers supported by Wibmo.
Businesses can enable PayU Token Hub with minimal technical changes and continue to offer the best-in-class payment experience to their customers while ensuring they are compliant with the latest norms.
PayU Token Hub will soon expand to enable businesses to safely store and create tokens across other popular payment modes like UPI and Net Banking and contactless device payments.
Shailesh Paul, Head, Merchant Services and Solutions and Cybersource, India and South Asia, Visa, said, ''The PayU Token Hub solution, built on the foundation of Visa's token solution, will help address the key areas of security and enhanced transaction experience. This timely solution will help more cardholders opt for tokenized transactions when shopping online at their favorite merchants.''
Vikas Saraogi, Vice President, Acceptance Development, MasterCard, said, ''We are excited to partner with PayU in solving for card tokenization. We've worked with WIBMO and PayU for token certification (WIBMO as a TSP and PayU as a TR) and are confident of the robustness of the solution. They've been great technology partners with a sound understanding of what merchants need.''
(With inputs from PTI)