Posted by Mumbai: Worldline, a French payments solution company launched its tokenisation solution in India. Worldline’s tokenisation solution will enable businesses to comply with the RBI’s latest guidelines on online card data storage.
The company built its full-service tokenisation solution in partnership with major card networks including Visa, Mastercard and RuPay along with leading issuing banks.
Worldline has developed a fully interoperable plug-and-play solution to enable card on file tokenisation using single integration.
Businesses will be able to enable the Worldline tokenisation solution with minimal technical upgrades and continue to offer a seamless payment experience to their customers in compliance with the latest guidelines.
Data Bridge Market Research expect the global tokenization market to reach $5.34 billion by 2028. And the market will grow at a CAGR of 16.73% for the forecast period of 2021-2028.
Rising demand for standalone tokenization services and cloud-based tokenization solutions are the two major factors driving the growth of the tokenization market.
“Full-Service Tokenization Solution by Worldline offers a holistic solution that would cover token provisioning along with tokenized transaction processing,” said Jagdish Kumar, VP – Products and Solution, Digital Commerce – Worldline India,
“It offers complete coverage for merchants, as it is integrated with all payment networks and issuers directly. Merchants can provision, manage tokens and customer’s consent from a single interface,” added Kumar.
The RBI’s guidelines on tokenization will help to boost greater customer confidence in cards as a payment method and encourage the adoption of digital payments.
All the stakeholders involved in the payment ecosystem will benefit from these guidelines. They will not only open possibilities to reach an inactive card customer base but also help businesses to enhance data security without compromising on customer experience.
Here are some of the key advantages of the Worldline tokenisation solution:
·Highest Coverage Across Payment Networks And Issuing Banks
Worldline tokenization solution has partnered with major card networks including Visa, Mastercard, RuPay, and Amex (in the pipeline) as well as all leading issuing banks. It supports the issuance and management of both issuer and network tokens under a single interface.
· A Single Solution Connecting with Major Networks – Visa, Mastercard, RuPay, Amex
It is a single solution that connects to different networks viz. Visa, Mastercard, RuPay and Amex (in the pipeline).A full-stack solution with token provisioning and authorization support with very few modifications/development efforts in existing integration. The solution comes with both immediate/one-time payments and recurring payments (SI on cards) support. Thus, ensuring an end-to-end frictionless payment journey and enhanced customer experience.
· Future-ready solution
Worldline tokenization solution is advanced; a state-of-the-art solution that is fully compliant with the new COF guidelines (card-on-file); and will ensure the highest degree of data security and protection. It will also ensure continuity for business growth without a glitch, making business secure and future-ready.