PayPhi launches tokenization for Indian businesses on RuPay

PayPhi, Phi Commerce’s API-first digital payments platform has become the first certified tokenization service for National Payments Corporation of India (NPCI) to support the tokenization of RuPay cards.

To enhance security, RBI has issued a set of guidelines to store sensitive customer information in the form of encrypted ‘token’. To comply with this guideline, NPCI announced the launch of NPCI Tokenization system (NTS) to support tokenization of cards as an alternative to storing card details with merchants, PayPhi stated.

Tushar Shankar, Head Business Development and Co-Founder of Phi Commerce said, “It is our constant endeavour to provide businesses and consumers with 100% transaction security without any compromise in user experience. We are very excited and proud that PayPhi Tokenization service has been certified for NPCI’s NTS platform.”

Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCI said, “We are excited that Phi Commerce is partnering with us in our efforts of providing RuPay card holders with top-notch payment experience & best in class security.”

PayPhi Tokenization service manages all aspects of tokenization for RuPay cards.

New and existing merchants and aggregators will be able to integrate in a matter of days and start processing token-based transactions.

PayPhi Tokenization service ensures "seamless migration of existing cards on file to NPCI TROF thereby ensuring business continuity," the company claimed.

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