The solution termed ‘Razorpay TokenHQ’ is a multi-network Card-on-File (CoF) Tokenisation solution that will work across all major card networks including Mastercard, RuPay, and Visa. The new guidelines allow only card networks and card issuers to store customer card information, and sanctions businesses to use tokens for offering saved card experience during online payments. Also see: NPCI launches NTS platform for card tokenisationIn absence of tokenisation, customers will have to enter their card information manually, every time they transact online. Also see: Coming soon, new framework for offline digital paymentsMerchants with customised setups can start integrating Razorpay TokenHQ through APIs. Using Razorpay TokenHQ, businesses would be able to create, process, delete and modify tokens for online card payments with customers’ consent.

Source: The Hindu October 23, 2021 20:42 UTC