Razorpay Launches 'TokenHQ' to help businesses comply with RBI guidelines

Almost the entire base of 5 million businesses using Razorpay's services will be ready to support tokenised card transactions.

In a bid to further enhance the safety of online transactions, the Reserve Bank of India (RBI) has issued a new set of guidelines that bar businesses, payment aggregators and acquiring banks from storing customers’ credit, debit and prepaid card information. The new rules allow only card networks and card issuers to store customer card information. They sanction businesses to use tokens for offering saved card experience during online payments. Card-On-File (COF) tokenisation is the process of turning sensitive cardholder data into a string of randomly generated numbers called a "token”, which has no meaningful value if breached. All stakeholders