PayU has the ability to tokenize 90% of all domestic transactions . Success rates are 6 to 7 percent higher than those processed with debit and credit cards .
PayU announced today that it has successfully tokenized over 50 million cards to date, according to Newswire in New Delhi.PayU has the ability to tokenize 90% of all domestic transactions as it is fully accredited by India's major payment networks-Visa, Mastercard, and RuPay, and is licensed as both a token requestor and issuer token provider.It has the most extensive database of card and bank networks, and it is also available on American Express and Diners Club.For tokenized transactions processed by PayU, success rates are 6 to 7 percent higher than those processed with debit and credit cards, according to Manas Mishra, Chief Product Officer, PayU payments.We've already integrated some of the country's biggest merchants, and as the deadline approaches, we are looking forward to providing a smooth transition to more businesses & their clients.We are following the government's Digital India initiative with Token Hub, ensuring that digital payments ecosystem is protected from cyber attacks and thefts.In October 2021, the PayU Token Hub was established to assist businesses in complying with RBI's new rules on online card data storage while also enabling issuing banks to generate their own tokens.PayU Token Hub, powered by Wibmo, is a plug-n-play system that allows users to enable card on file and device tokenization using a single integration point, according to RBI. PayUs Token Hub assists merchants and banks in complying with tokenization legislation by tokenizing card details with minimal steps in the checkout process.Businesses can integrate this unique, integrated, plug-n-play solution with zero-code installation and can go live on Token Hub in just a day.PayU is regulated by the Reserve Bank of India and provides solutions to meet Indian merchant's digital payment demands.It offers businesses online payment options through local payment methods.In 2017, PayU launched LazyPay, an alternative lending service that offers credit solutions. This page was not made available in any way.(PRNewswire