PayU becomes fully certified token requestor and token service provider for Mastercard and Visa
NEW DELHI, Nov. 25, 2021 /PRNewswire/ -- PayU, India's leading online payments solutions provider, 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.
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 which 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 o 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 favourite 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."
About PayU India
PayU, India's leading online payment solutions provider, is regulated under 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 full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (merchants, banks and consumers) through technology. PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology. In India, PayU serves more than 3,50,000 merchants with 100+ local payment methods and is the preferred payments partner for nearly 60% of the e-commerce merchants, including all leading e-commerce companies and a majority of airline businesses.
PayU also developed LazyPay in 2017, an alternate 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 (Merchant EMI). LazyPay Buy Now Pay Later is currently live on 100+ merchants such as Byju's, Swiggy, Flipkart, Makemytrip, Dunzo, Vodafone, Zomato, Bookmyshow, Oyo, Tata Sky and many more.