What is Tokenization?

The word tokenization means exchanging sensitive data for non-sensitive data in the form of “tokens. The latest tokenization guidelines are based on similar lines.

What are the Latest Tokenisation Guidelines? 

Sensitive data is exchanged for non-sensitive data in form of “tokens” which is called tokenization. The latest tokenization guidelines are based on similar lines.

Businesses and payment aggregators are not allowed to store card details of customers (16- digit card number, CVV, etc.) as per the latest guidelines with effect from 1^st Oct 2022. Only payment networks (Visa, Mastercard, etc.) and issuers (banks) can store those details. This data is supposed to be shared with business and payment aggregators in a tokenized format. 

Businesses Impacted by Latest Guidelines 

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

How is PayU Token Hub the Right Solution for Your Business?  

PayU released PayU Token Hub to help you adopt the new guidelines. This solution will ensure compliance with the latest guidelines and visibility for your business. Let’s find out more about PayU Token Hub! 

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’s consent from a single dashboard.

Benefits of PayU Token Hub

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’s take a look at its benefits in detail below.

Highest Coverage across payment networks and issuing banks

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.

Universally compliant

It supports the issuance of both issuer and network tokens under a single hub. Thus, you can choose to issue either a network or an issuer-based token with PayU Token Hub. This enables your business to retain the native payment experience obtained via direct integration with banks, resulting in higher success rates.  

Certification & Readiness 

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’s capability to ensure an end-to-end frictionless payment journey for the ecosystem. 

Ease of integration

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.

Seamless customer experience 

With saved payment details and personalized real-time recommendations on the best-performing payment mode, you can continue offering a seamless customer payment experience.  

Future-ready solution

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. This future-ready solution will have you covered. 

Let’s see the difference in the way your business makes transactions with and without PayU Token Hub.

Step 1: The payment checkout screen

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.

Step 2: Difference in entering details

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.

Step 3: Possibility of errors due to a customer inputting incorrect card payment detail

Using PayU Token Hub will increase success rates of transactions along with an improved customer experience.

Know more about becoming compliant with the latest tokenization guidelines from our product team here: 

Final Thoughts 

These new norms may influence your business in the short term, but they’ll increase consumer control and data safety in the long run. These guidelines will pave the road for an improved and secure payment ecosystem.  

Frequently Asked Questions

The post How PayU Token Hub Helps Businesses Become Compliant With The Latest Tokenization Guidelines? appeared first on PayU Blog.

No more reaching out to the Care Team and sharing your documents again – all you need to do is click on “Update”.

Here is a Step by Step Guide to Update Your Bank Account:

Step 1. Go to your PayUmoney dashboard, click on ‘Profile’ on the right hand side and then click on “Bank Details” section.

Step 2. In the “Bank Details” section, click on the ‘Update’ button.

Step 3. Enter the new bank details i.e. new bank account number and IFSC code and click “Next”. An OTP will be sent on your registered mobile number.

Note: You will not be able to change your name at this stage.

Step 4. Enter the m-OTP and click on “Update Bank Details”

Step 5. Once OTP is verified, a small amount of money will be dropped in your new bank account. Check your bank statement for the amount.

Step 6. Now, enter the amount deposited in your bank account in the “Deposited Amount” section and click on “Verify Account”.

Your bank account is updated! You will start receiving payments in your new account 24 hours post update.

The next step!

Once your bank account is updated, you will have to sign the updated agreement or the addendum (based on the stage of onboarding), generated on the PayUmoney’s Dashboard automatically.

Depending upon which stage of onboarding you are on, you will have to sign the updated agreement or the addendum.

Different Stages of Onboarding

1. In case your documents have not yet been reviewed (accepted/rejected) by PayUmoney’s onboarding team, you will have to sign the new updated agreement.
2. In case your documents have been reviewed but the agreement has not been approved, you will again have to sign the new updated agreement.
3. In case your documents have been reviewed and agreement has also been approved, you will just have to accept the addendum.

Some important pointers

• You can update the bank account only 10 times, post which they will be blocked. A counter is present on the interface to inform you how many attempts are left.

• You cannot update the Bank to an Account Number that has been blocked. PayUmoney blocks the bank account number if more than 4 merchants claim that they have the same Bank Account.

Conclusion

So, update your bank account number on your PayUmoney’s dashboard with these simple steps. In case you face any problems updating your bank account number, reach out to us here!

PayUmoney is India’s leading payment gateway and an all-in-one payment solution! To experience the best in the payment solutions industry and know more about PayUmoney products, sign up on PayUmoney instantly.

The post New Feature: Update Bank Account on PayUmoney Yourself! appeared first on PayU Blog.