Razorpay has announced the launch of Razorpay TokenHQ, a multi-network Card-on-File (CoF) Tokenisation solution. This will be a turnkey solution for businesses, allowing their end-customers to continue experiencing the convenience of saved card transactions, now with added security and in compliance with RBI guidelines. TokenHQ will work across all major card networks including Mastercard, RuPay and Visa. Almost the entire base of 5 Mn businesses using Razorpay’s services will be ready to support tokenised card transactions, it said in a press release.
Tokenisation, as a technology solution bridges this inconvenience gap and enables customers and businesses to sustain “business as usual”, by converting customer card information into a coded “token”.
Shashank Kumar, CTO and Co-founder, Razorpay, said, “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. It will work across all major card networks, thus enabling every business in India to tokenise customer card information.”
Using Razorpay TokenHQ, businesses would be able to create, process, delete and modify tokens for online card payments with customers’ consent. Razorpay TokenHQ enables the company’s existing customers (on standard and custom checkouts) to support card tokenisation at zero cost and effort. Merchants with customized setups can start integrating Razorpay TokenHQ immediately via our developer friendly APIs, the press release said.
