Razorpay has created ‘Razorpay TokenHQ’ in order to assist Indian businesses in adhering to Reserve Bank of India requirements and assuring comprehensive compliance with the tokenisation framework.
The goal of Razorpay TokenHQ is to provide help to end-customers in order to ensure that they continue to enjoy the ease of stored card transactions.
Businesses, payment aggregators, and acquiring banks are prohibited from retaining consumers’ credit, debit, or prepaid card information, according to new Reserve Bank standards.
As per the new RBI rules, only card networks and card issuers are permitted to store customer card information, and sanctions businesses to use tokens for offering saved card experience during online payments.
“Newer (RBI) regulations offer tremendous opportunities for us to innovate and develop localised solutions that work well for Indian businesses. Tokenisation is one such regulatory development, and Razorpay TokenHQ is a homegrown solution that will enable businesses to continue to offer seamless payments while ensuring individuals have control over their card data. India’s First Multi-Network tokenisation solution, ‘TokenHQ’, will work across all major card networks, thus enabling every business in India to tokenise customer card information,” said Shashank Kumar, CTO & Co-Founder, Razorpay.