Posted by New Delhi: Merchant commerce platform, Pine Labs has launched its tokenisation solution – Plural Tokenizer, which works across leading card networks. This Card-on-File or CoF tokenisation solution will replace the debit or credit card details of the cardholder with ‘tokens’ or randomly generated numbers.
This launch is in line with the Reserve Bank of India (RBI) guidelines that mandate no entity other than the card issuer or card networks to store actual cardholder data with effect from January 1, 2022.
Plural Tokenizer has many robust features such as OTP-based two-factor authentication (2FA), visibility to issuers ( where the tokens are stored) and unique cryptograms for each transaction.
It can issue tokens to merchants for a particular use case limiting the usage for that specific merchant (CoF) use case or domain (F2F) use case.
“The launch of Plural Tokenizer is our endeavor to make the payment transaction experience more secure for the end user i.e., our merchant’s customers. Plural is today the only omnichannel platform in India to manage tokens across offline and online payment experiences,” said Tanya Naik, Head of Online Business – Pine Labs.
“For merchants aiming to deliver a consistent user experience and higher transaction approval rates with speed and security as foremost considerations, there is no better available option than Plural. I am happy to reveal that Plural’s existing merchants are already migrating to the tokens solution,” added Naik.
Plural is Pine Labs’ recent foray into the online payments space. Products under brand Plural offer an integrated omnichannel payment experience for brands across offline and online platforms, offering multiple payment choices and buy now pay Later integration to customers.
Several integration options are available under Plural Tokenizer for merchants to enable a seamless and secure payment experience for their customers.
Plural Tokenizer is the second major data security-focused solution launch this year from Pine Labs.
In January 2021, Pine Labs had launched AllTap, a robust PCI SSC compliant Contactless Payments on COTS (CPoC) solution. It underwent an extensive audit and certification from PCI SSC and leading networks like Amex, Mastercard, RuPay, and Visa.