{"id":9972,"date":"2022-07-17T13:36:00","date_gmt":"2022-07-17T08:06:00","guid":{"rendered":"https:\/\/payu.in\/blog\/?p=9972"},"modified":"2022-09-29T13:05:40","modified_gmt":"2022-09-29T07:35:40","slug":"payu-token-hub-helps-businesses-become-compliant-with-latest-guidelines","status":"publish","type":"post","link":"https:\/\/payu.in\/blog\/payu-token-hub-helps-businesses-become-compliant-with-latest-guidelines\/","title":{"rendered":"How\u202fPayU Token Hub\u202fHelps Businesses Become\u202fCompliant With The Latest Tokenization Guidelines?"},"content":{"rendered":"\n

Is your business compliant with the\u202flatest\u202ftokenization\u202fguidelines?\u202fIf not, become compliant with the guidelines now before it’s too late. Find out everything about the recent guidelines, their impact, and\u202fhow PayU will help you\u202fbecome compliant with the\u202flatest norms here.\u202f<\/p>\n\n\n\n

1.<\/td>What is Tokenization?<\/a><\/td><\/tr>
2.<\/td>What are the\u202fLatest\u202fTokenisation Guidelines?<\/a><\/td><\/tr>
3.<\/td>Businesses Impacted by Latest Guidelines<\/a>\u202f<\/td><\/tr>
4.<\/td>How is PayU Token Hub the\u202fRight\u202fSolution for Your Business?<\/a><\/td><\/tr>
5.<\/td>Benefits of PayU Token Hub<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

What is Tokenization?<\/strong><\/h2>\n\n\n\n

The word tokenization means exchanging sensitive data for non-sensitive data in the form of \u201ctokens. The latest tokenization guidelines are based on similar lines.<\/p>\n\n\n\n

What are the\u202fLatest\u202fTokenisation Guidelines?\u202f<\/strong><\/h2>\n\n\n\n

Sensitive data is exchanged for non-sensitive data in form of \u201ctokens\u201d which is called tokenization. The latest tokenization guidelines are based on similar lines.<\/p>\n\n\n\n

Businesses\u202fand payment aggregators are not\u202fallowed to store card details of customers (16- digit card number, CVV, etc.) as per the latest guidelines with effect from 1st<\/sup> Oct 2022. Only payment networks (Visa, Mastercard, etc.) and issuers (banks) can store those details.\u202fThis data is supposed to be shared\u202fwith business and payment aggregators\u202fin a tokenized format.\u202f<\/p>\n\n\n\n

Businesses Impacted by Latest Guidelines\u202f<\/strong><\/h2>\n\n\n\n

Every business selling online is affected due to these regulations.\u202fWe know that repeat transactions are an important pillar for all businesses. As this guideline impacts customer experience, it affects the repeat transactions too.<\/p>\n\n\n\n

How is PayU Token Hub the\u202fRight\u202fSolution for Your Business?\u202f\u202f<\/strong><\/h2>\n\n\n\n

PayU released PayU Token Hub to help\u202fyou\u202fadopt\u202fthe\u202fnew guidelines.\u202fThis\u202fsolution will ensure\u202fcompliance with\u202fthe latest guidelines\u202fand visibility for\u202fyour\u202fbusiness.\u202fLet\u2019s find out more about PayU Token Hub!\u202f<\/p>\n\n\n\n

PayU Token Hub is a solution tailor-made for businesses like yours. It has the highest coverage as you can integrate all payment networks and issuers directly. You can manage tokens and your customer\u2019s consent from a single dashboard.<\/p>\n\n\n\n

Benefits of PayU Token Hub<\/strong><\/h2>\n\n\n\n

PayU Token Hub is the first universally compliant tokenization solution with network & issuer tokens available. This will give you an edge over your competitors. Let\u2019s take a look at its benefits in detail below.<\/p>\n\n\n\n

Highest Coverage across payment networks and issuing banks<\/strong><\/h3>\n\n\n\n

PayU Token Hub is built by PayU and Wibmo, in partnership with all majority card networks including Visa, Mastercard, Rupay as well as all leading issuing banks. In a recent report by Inc42, it is found that Visa is the biggest market holder in India with a 44% share, followed by Mastercard’s 36% and RuPay and another card’s 20% share. Hence, using PayU Token Hub becomes highly beneficial for your business helping you retain your existing customer base while expanding it. PayU Token Hub will soon be able to offer tokenization for AmEx, Diners, and HDFC card networks too.<\/p>\n\n\n\n

Universally compliant<\/strong><\/h3>\n\n\n\n

It supports the issuance of both issuer and network tokens under a single hub.\u202fThus, you\u202fcan choose to issue either a network or an issuer-based token\u202fwith PayU Token Hub.\u202fThis enables your business to retain the native payment experience obtained via direct integration with banks, resulting in higher success rates.\u202f <\/p>\n\n\n\n

Certification & Readiness <\/strong><\/h3>\n\n\n\n

PayU is fully certified by Mastercard and Visa as a token requestor and token provider. As a token requestor, PayU now has the ability to request tokens on behalf of businesses. As a token service provider, PayU will be able to issue, manage, and operate payment tokens. This enhances PayU\u2019s capability to ensure an end-to-end frictionless payment journey for the ecosystem. <\/p>\n\n\n\n

Ease of integration<\/strong><\/h3>\n\n\n\n

PayU Token Hub is a tokenization solution that can be used for websites or apps. You can opt for our zero-code change approach & get started in a day. API customization can also be done to suit your business needs.<\/p>\n\n\n\n

Seamless customer experience\u202f<\/strong><\/h3>\n\n\n\n

With saved payment details and personalized real-time recommendations on the best-performing payment mode, you\u202fcan continue offering a seamless customer payment experience.\u202f\u202f<\/p>\n\n\n\n

Future-ready solution<\/strong><\/h3>\n\n\n\n

PayU Token Hub is one solution for all payment modes. It supports tokenization for all payment modes. You need not deal with different tokenization solutions for every payment mode you use for your business.\u202fThis future-ready solution will have you covered.\u202f<\/p>\n\n\n\n

Let\u2019s see the difference in the way your business makes transactions with and without PayU Token Hub.<\/p>\n\n\n\n

Step 1: The payment checkout screen<\/strong><\/h4>\n\n\n\n

<\/p>\n\n\n\n

\"Payment
The left side shows an interface without PayU Token Hub. The right side shows the interface with PayU Token Hub.<\/em><\/figcaption><\/figure><\/div>\n\n\n\n

Customers need not enter their payment details as they are already saved. They also get recommendations on the payment mode working best in real-time using PayU Token Hub.<\/p>\n\n\n\n

Step 2: Difference in entering details<\/strong><\/h4>\n\n\n\n
\"Difference
The left side shows an interface without PayU Token Hub. The right side shows the interface with PayU Token Hub.<\/em><\/figcaption><\/figure><\/div>\n\n\n\n

Your customer has to make the effort of adding payment details if you do not use PayU Token Hub. If you use PayU Token Hub, your customer sees a few saved payment modes, all they have to do is authenticate.<\/p>\n\n\n\n

Step 3: Possibility of errors due to a customer inputting incorrect card payment detail<\/strong><\/h4>\n\n\n\n
\"\"
The left side shows an interface without PayU Token Hub. The right side shows the interface with PayU Token Hub.<\/em><\/figcaption><\/figure><\/div>\n\n\n\n

Using PayU Token Hub will increase success rates of transactions along with an improved customer experience.<\/p>\n\n\n\n

Know more about becoming compliant with the latest tokenization guidelines from our product team here: <\/p>\n\n\n