TokenPay

Nov 4, 2021

A secure multi-network tokenisation solution, TokenPay works across all major card networks, including MasterCard, RuPay, and Visa. The solution will help merchants enable their end-customer to continue experiencing the saved card transactions with enhanced security and allow merchants to remain RBI guideline compliant with its online data storage norms. The apex bank’s framework has recommended that only card networks and card issuers are permitted to store customer card information. In order to strengthen the security of online transactions, the RBI earlier this year had introduced new guidelines that prohibit merchants, businesses, payment aggregators, and acquiring banks from storing customers’ credit/debit/prepaid card information. This makes the existing system of saved card experience and its associated flows defunct. Founder of CCAvenue and Executive Director-Infibeam Avenues Vishwas Patel reiterated that in the absence of tokenisation, customers would have had to enter their card information manually every time they transact online, thereby increasing the probability of manual error leading to transaction failures and poor customer experience. “Using CCAvenue’s TokenPay, businesses can generate, process and manage tokens with customers’ consent and continue offering a secure and frictionless online transaction experience,” Patel added. Network tokenisation is the process of substituting the 16-digit static card number with a string of randomly generated numbers called “token”, which is virtually impossible to decrypt. Also, since the framework ensures that a customer’s card information rests only with the customer, the card network, and the issuing bank, it minimises the risk of card data leaks & fraudulent activities significantly. All stakeholders are required to be fully compliant with the tokenization framework by December 31, 2021. CCAvenue’s TokenPay is an interoperable solution for all businesses/merchants and helps them comply with the RBI guidelines. Merchants using other payment gateways can also tokenize cards through CCAvenue and continue using their preferred gateways to process token-based transactions. Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Digital Editor