PayU Launches Innovative Push Provisioning Platform for Faster, Secure Card Tokenization Between Banks and Merchants
PayU, one of India’s leading digital financial services providers, announced the launch of its advanced ‘Push Provisioning’ platform at the Global Fintech Festival (GFF) 2024. This new dynamic solution, offered in partnership with all major card networks, facilitates a seamless sharing of card tokens between merchants and banks via a unique-single platform, revolutionizing the way businesses and customers manage card payments.
Delivering a fast and secure payments experience to end-customers is key to improving customer loyalty and conversions. PayU’s Push Provisioning platform enables customers to tokenize their cards for multiple merchants and outlets directly through their bank’s portal. This eliminates the need for customers to save their card details at the individual merchant level, significantly enhancing the security and convenience of online card transactions.
Push provisioning via a single-hub platform also offers numerous benefits to merchants. These include reduced friction in card payments due to enhanced security through tokenization, easier acquisition of new customers, minimized risk of card data-related fraud, and simple re-tokenization of lapsed tokens, among others.
Manas Mishra, Chief Product Officer, PayU, said, “In our commitment to enhancing payment security and convenience, we are excited to introduce our advanced Push Provisioning platform. This innovation exemplifies our customer-centric approach, safeguarding sensitive financial information while delivering an unparallel payment experience for both merchants and customers. We believe this platform will have a significant positive impact on digital transactions, both in India and globally.”
Ravi Datla, Senior Vice President, Customer Solutions, South Asia at Mastercard, said, “With digital commerce witnessing explosive growth in India, there’s a great need for payment solutions that enhance transaction security and user experience. Mastercard is delighted to join forces with PayU to launch their Push Provisioning platform as it will bring added value to multiple key stakeholders in the payments ecosystem.”
Rishi Chhabra, Head – Merchant Services & Acquiring, Visa India and South Asia, said, “Visa is delighted to partner with PayU on its launch of the Push Provisioning Platform – a significant stride towards secure and efficient online transactions. Together, we will strengthen the ecommerce experiences for millions of diverse merchants, both large and small, and their customers. We are eager to harness the power of advanced tokenization to augment the future of commerce with seamless, trusted and unified payments.”
PayU’s Push Provisioning Platform is an RBI-compliant platform and supports RBIs vision to building a resilient and secure payments ecosystem.
About PayU
PayU, one of Indias leading digital financial services providers with Prosus as an investor, operates businesses that are regulated by the Reserve Bank of India and offers advanced solutions to meet the digital payment requirements of the Indian market. PayU India companies aim to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers through technology solutions. PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology and has empowered 5 lakhs+ businesses, including India’s leading enterprises, e-commerce giants and SMBs. It enables businesses to collect digital payments across 150+ online payment methods such as Credit Cards, Debit Cards, Net Banking, EMIs, pay-later, QR, UPI, Wallets, and more. It’s a preferred partner in the affordability ecosystem, offering the maximum coverage of issuers and easy-to-implement integrations across card-based EMIs, pay-later options and new-age cardless EMIs. PayU offers e-commerce brands best-in-industry success rates while ensuring a seamless checkout experience.
