PayPhi, Phi Commerce’s API-first digital payments platform has become the first certified tokenisation service for NPCI tokenisation system (NTS) that supports the tokenisation of RuPay cards.
To comply with RBI’s deadline on card storage norms till December 31, Industry is gearing up for adoption of tokenisation as an alternative to card-on-file transactions.
Recently, NPCI announced the launch of NTS to support tokenisations of cards as an alternate to storing card details with merchants. The platform will enable PayPhi to provide tokenisation service to merchants and aggregators with Token Reference File (TROF), it is a unique digital identifier or called as ‘token’ which replaces 16 digit RuPay card number.
PayPhi tokenisation service will manage all aspects of tokenisation for RuPay cards from requesting token to facilitating transactions as well as life cycle management, all can be managed via a single solution.
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. It is our endeavour to enable all our merchant partners and their consumers across all card brands comply with the RBI guideline wef Jan 1, 2022.”
Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCI said, “We are excited that Phi Commerce is partnering us in our efforts of providing RuPay cardholders with top-notch payment experience & best in class security. Plug and play tokenization services like PayPhi will help various players in the digital ecosystem meet the RBI deadlines of replacing cards of file data with secure tokens.”