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Infibeam's CCAvenue brings TokenPay for RBI-compliant 'saved card transactions'
Published by b-squadron | 04th November, 2021
Infibeam Avenues Ltd's digital payments platform, CCAvenue has launched a 'TokenPay' interoperable solution for businesses / merchants to comply with Reserve Bank of India (RBI) data security standards.

As "reserved card transactions" take a hit, due to an RBI directive that prohibits merchants, businesses, payment aggregators and obtaining banks from storing customers' credit / debit / prepaid card information, IAL's CCAvenue has developed a multi-network coding solution in order to work across all networks.

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

It will also help merchants enable their end customers to continue experiencing card transactions that are saved with enhanced security and allow merchants to remain compliant with RBI guidelines with online data storage standards.

Network coding is the process of replacing a fixed 16-digit card number with a series of randomly generated numbers called a "token", which is nearly impossible to decipher.

Also, since the framework ensures that the customer's card information rests solely on the customer, the card network and the issuing bank, it significantly reduces the risk of card data leakage and fraudulent activities.

"In the absence of coding, customers will have to manually enter their card information every time they transact online. This can increase the possibility of a manual error that leads to transaction failures and a poor customer experience. With TokenPay from CCAvenue, companies can generate, process and manage tokens with customer consent and continue to provide a secure and frictionless online transaction experience."

According to the new recommended RBI framework, only card networks and card issuers are allowed to store customer card information. "Thus, the new system allows businesses / merchants to use only 'tokens' to continue offering the saved card experience while paying online. All stakeholders are required to be fully compliant with the token framework by December 31, 2021," the company statement said.

The statement added that merchants using other payment gateways can also tokenize cards through CCAvenue and continue to use their preferred gateways to process token-based transactions.