NEW DELHI, 25 November 2021 / PRNewswire / – PayU, india leading provider of online payment solutions, announced that it has been fully certified by Mastercard and Visa as a token applicant and supplier. After obtaining this certification, PayU will now have the option to act as token applicants on behalf of merchants.
Certification by the main card networks is an important step towards the implementation of tokenization solutions for the ecosystem at large. 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 tokenization.
A leader in digital payment solutions, 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 gives merchants, acquirers and payment gateways the flexibility to choose the right solution based on their needs.
Commenting on the evolution, Anirban Mukherjee, CEO, PayU India said, “PayU is proud to receive certification from Mastercard and Visa. This demonstrates our commitment to delivering cutting-edge payment solutions and enhances our ability to deliver a truly end-to-end, frictionless payment journey for the ecosystem. PayU is delighted to be at the forefront of this important change, enabling stakeholders to adopt the new standards in a transparent manner. “
Powered by Wibmo, PayU Token Hub is developed as an interoperable plug-n-play solution, to enable card-to-file and device tokenization using a single point of integration. It is available for all traders, including PayU’s 3.5 lakh merchants and 65 Wibmo supported issuers. Businesses can activate PayU Token Hub with minimal technical changes and continue to provide the best payment experience to their customers while ensuring that they comply with the latest standards. PayU Token Hub will soon expand to allow businesses to securely store and create tokens on other popular payment methods such as 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, based on Visa’s token solution, will help address 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 delighted to partner with PayU to resolve the issue of card tokenization. We have worked with WIBMO and PayU for the certification of tokens (WIBMO as TSP and PayU as TR) and are convinced of the robustness of the solution. They ‘I have been excellent technology partners with a good understanding of the needs of traders. “
About PayU India
PayU, india leading provider of online payment solutions, is regulated by the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market. PayU India aims to create a comprehensive digital financial services platform to meet all the financial needs (exploited and untapped) of customers (merchants, banks and consumers) through technology. PayU provides payment gateway solutions to online businesses using its cutting edge and award winning technology. In India, PayU serves over 350,000 merchants with over 100 local payment methods and is the preferred payment partner of nearly 60% of online merchants, including all major e-commerce companies and the majority of airlines.
PayU also developed LazyPay in 2017, an alternative lending platform to offer credit solutions such as Small Ticket Credit (Buy Now Pay Later), app-based loans (instant personal loans) and point-of-sale credit. sale (Merchant EMI). LazyPay Buy Now Pay Later is currently live at over 100 merchants such as Byju’s, Swiggy, Flipkart, Makemytrip, Dunzo, Vodafone, Zomato, Bookmyshow, Oyo, Tata Sky and many more.
SOURCE PayU India