EaseMyTrip.com, Yatra.com uses RazorPay multi-network card tokenisation solution to tokenise customer card data

Online payment and lending services provider Razorpay, has collaborated with businesses like Yatra, EaseMyTrip, and others in enabling their customers to continue transacting using saved cards through what the company claims to be the country’s first multi-network card tokenisation solution- Razorpay TokenHQ.

TokenHQ will help businesses create, process, delete and modify tokens for online card payments with the approval of the customers. Razorpay has onboarded over two lakh merchants on TokenHQ, it said.

The company launched its tokenisation solution in October last year, across the three major card networks -- Visa, Mastercard, Rupay, and will soon go live on other two networks, Diners Club and American Express, it said.

The Reserve Bank of India has made card-on-file (CoF) tokenisation mandatory from 1 July 2022. CoF refers to card information saved by payment gateways and merchants to complete future purchases. Going ahead, only card networks and card-issuing banks will have access to and can store any card data, while businesses can use tokens to offer a saved card experience during online payments. As per RBI’s mandate, all stakeholders are required to ensure full compliance with the tokenisation framework by 30 June 2022. 

A tokenised card transaction is considered safer as the actual card details are not shared with the merchant during transaction processing. This will help cut the chances of card information leakage. 

Razorpay said that it has successfully onboarded over two lakh merchants on TokenHQ. Businesses that are using Razorpay checkout will not have to make any changes on their end and that the solution will do all that is required for each businesses while not requiring them to change their existing payment flows. 

“Our TokenHQ solution is designed in a seamless way so that our partner businesses do not need to make any new changes to their existing payment flows. I believe this will be a turnkey solution for businesses, allowing their end customers to continue experiencing the convenience of saved card transactions with added security,” said Khilan Haria - SVP & Head of Payments Product, Razorpay.

Also, payments and API banking solutions company Cashfree Payments on last Thursday that said it has partnered with the National Payments Corporation of India (NPCI) to provide tokenisation solutions on RuPay cards for its merchants. 

Cashfree Payments’ tokenisation solution ‘Token Vault’ helps merchants provide their customers with the option to save cards on the merchant website or app and process card payments securely while being RBI compliant. With this partnership, Cashfree Payments becomes a certified and compliant payment tokenisation service provider across key card networks like RuPay, Mastercard, and Visa, said the firm.

Card tokenisation is the process of replacing sensitive card information like card number, and card expiry with a cryptographically generated random string, referred to as the card token. Once a card is tokenised, the generated card token can be used for processing payments as a substitute to card details, thus eliminating risk of loss of sensitive card information while making card payments.