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Infibeam's CCAvenue brings TokenPay for RBI-compliant 'saved card transactions'
Published by the Hindu BusinessLine | 04th November, 2021
It works across all major card networks, including MasterCard, RuPay, and Visa.

Infibeam Avenues Ltd's digital payments platform, CCAvenue has launched an interoperable solution 'TokenPay' for businesses/merchants to comply with Reserve Bank of India's (RBI) data security norms.

As the "saved cards transactions" are taking a hit, due to RBI directive prohibiting merchants, businesses, payment aggregators, and acquiring banks from storing customers' credit/ debit /prepaid card information, IAL's CCAvenue has developed a multi-network tokenisation solution to work across all major card networks.

CCAvenue's 'TokenPay' solution works across all major card networks, including MasterCard, RuPay, and Visa.

Also it would help merchants enable their end-customer to continue experiencing the saved card transactions with enhanced security and allow merchants to remain RBI guideline compliant with its online data storage norms.

Network tokenisation is the process of substituting the 16-digit static card number with a string of randomly generated numbers called 'token', which is virtually impossible to decrypt.

Also, since the framework ensures that a customer's card information rests only with the customer, the card network, and the issuing bank, it minimises the risk of card data leaks and fraudulent activities significantly.

"In the absence of tokenisation, customers will have to enter their card information manually every time they transact online. This can increase the probability of manual error leading to transaction failures and a bad customer experience. Using CCAvenue's TokenPay, businesses can generate, process and manage tokens with customers' consent and continue offering a secure and frictionless online transaction experience," said Vishwas Patel, Executive Director, Infibeam Avenues and Founder of CCAvenue.

As per the new RBI recommended framework, only card networks and card issuers are permitted to store customer card information. "Thus, the new system authorises businesses / merchants to use only 'tokens' to continue offering the saved card experience during online payments. All stakeholders are required to be fully compliant with the tokenisation framework by December 31, 2021," a company statement said.

Merchants using other payment gateways can also tokenize cards through CCAvenue and continue using their preferred gateways to process token-based transactions, the statement added.