PayU becomes fully certified token requestor and token service provide…

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 meaningful meaningful development towards enabling tokenization solutions for the broader ecosystem. As a token service provider, PayU will be able to issue, manage, and function payment tokens, providing frictionless payment experiences.  In addition to network certification, WIBMO is actively engaged with issuers to permit Issuer Tokenisation.

A leader in digital payment solutions, PayU is fully equipped to sustain merchants, acquirers, and fintech entities with ‘PayU Token center’, an progressive and inventive solution which offers both network tokens and issuer tokens under a single center. Its rare, 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 to ensure a truly end-to-end, frictionless payment journey for the ecosystem. PayU is excited to be at the spotlight of this meaningful change, enabling stakeholders to embrace the new norms seamlessly.”

Powered by Wibmo, PayU Token center is developed as an interoperable plug-n-play solution, to permit card on file and device tokenization using a single integration point. It is obtainable to all merchants, including PayU’s 3.5 lakh merchants and 65 issuers supported by Wibmo. Businesses can permit PayU Token center 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 center will soon expand to permit 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 sets and Solutions and Cybersource, India and South Asia, Visa, said, “The PayU Token center solution, built on the foundation of Visa’s token solution, will help address the meaningful 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 save Bank of India and has progressive solutions to meet the digital payment needs of the Indian market. PayU India aims to create  a complete-stack digital financial sets platform to serve all (tapped and untapped) financial needs of customers (merchants, edges and consumers) by technology. PayU provides payment gateway solutions to online businesses by 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 (moment 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.

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