How to enhance your Shopify Store with Worldline...Nov 21,2022
Consumers are shopping online, and businesses that have an online presence have a huge opportunity to capitalise on this changing consumer behaviour.
To boost greater customer confidence in cards as a payment method and encourage adoption of digital payments, the Reserve Bank of India (RBI) recently came up with Tokenisation guidelines. From a long-term perspective, these guidelines will be very beneficial for all the stakeholders involved (from customer to merchant to acquirers/aggregators to card payment network to issuer) in the payment ecosystem.
So, what are the latest Tokenisation guidelines by RBI? What are the positives of Tokenisation on your business?
We’ll tell you everything about the recent guidelines, positives for online businesses, and how Worldline will help you become compliant with the latest norms.
The Reserve Bank of India (RBI) on September 7th, 2021, announced new digital payment guidelines to card-on-file tokenisation services. Apart from building customer confidence in card as a payment method, these guidelines will also help to prevent online fraud by helping keep the critical financial information of customers secure from card data breaches.
Here are the new guidelines –
To tell you briefly, Tokenisation is the process of protecting sensitive data by replacing it with an algorithmically generated surrogate number called a token. These tokens are issued and utilized subsequently to safeguard real card credentials. It is passed through the internet or the various wireless networks to process the payment without actual card details getting exposed. The card number is held safe in a secure network token vault.
The process of tokenisation -
The latest guidelines on Tokenisation will not only open all possibilities to reach new customer base currently not using card as payment mode but also helps your business improve data security.
Tokenisation will also help from the point of data capture to storage, as it eliminates the actual storage of credit card numbers and minimizes the impact of security breaches.
Worldline’s new Tokenisation solution will help you adopt the new guidelines seamlessly. This solution will ensure compliance with the latest guidelines and visibility for your business
Worldline Tokenisation solution is tailor-made for businesses like yours. It has the highest coverage as you can integrate all payment networks and issuers directly. You can provision, manage tokens and customer’s consent from a single interface.
Worldline’s Full-Service Tokenisation Solution offers a holistic solution covering both pass-through and bundled mode of operations. Pass through mode supports interoperability, and bundled offering provides end to end service coverage including token provisioning, management and not limited to tokenised transaction processing.
Here are three key advantages of Worldline Tokenisation solution you need to know:
Highest Coverage across payment networks and issuing banks
Worldline Tokenisation Solution has partnered with all major card networks including Visa, Mastercard, RuPay, Amex as well as all leading issuing banks. It supports the issuance and management of both issuer and network tokens utilizing a single interface.
A Single Solution That Connects To Different Networks - Visa, Mastercard, Rupay, Amex
It is a single solution that connects to different networks viz. Visa, MasterCard, RuPay, and Amex.
A full-stack solution with token provisioning and authorisation support with very few modification/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.
Worldline Tokenisation Solution is an advanced/state-of-the-art solution that is fully compliant to the new COF guidelines and will ensure highest degree of data security and protection. It will also ensure continuity for your business growth without a glitch, making your business safe, secure and future-ready.
Let’s see the difference in the way your business makes transactions with and without Worldline Tokenisation solution.
Customers need not enter their payment details again as the card details are already saved with Worldline Tokenisation Solution.
Your customer must make the effort of adding payment details if you do not use Worldline Tokenisation Solution. If you use Worldline Tokenisation Solution, your customer sees a saved card details, all they must do is authenticate.
Using Worldline Tokenisation Solution will increase success rates of transactions along with an improved customer experience.
Clarify all your doubts with the latest tokenisation guidelines from Jagdish Kumar, VP – Product & Technology here
These new norms may influence your business in the short term, but in the long term it will help to grow and make the overall payments experience seamless, frictionless, consistent, safer and secure.
What Will Happen to Cards Data Already Saved by Companies?
All businesses have to migrate to a compliant solution by 30th June 2022 (extended deadline), and not store this data from 1st July 2022 onwards. Only card data obtained after due customer consent and Additional Factor Authentication (AFA) can be kept with a compliant partner from 1st July 2022 onwards.
What are the benefits of tokenisation?
Card Tokenisation safeguards customers’ card data, thereby reducing the possibility of data breaches or card frauds.
Fewer instances of card fraud leads to greater customer confidence in cards as a payment methods and in digital payments as a whole. From a long-term perspective, these guidelines are very beneficial.
What information can merchants continue to store?
Merchants can continue to store the last 4 digits of the actual card number and a card issuer name for tracking/analytical purposes
Is customer consent required for saving / creating a token?
Yes, Customer consent and additional factor of authentication (AFA) is required for saving a card / creating a token. This can be the same 2FA used during the first transaction
Can this token be used along with other payment gateways?
The tokens provisioned through Worldline tokenisation solution can be used for processing payments via other Payment Aggregators/Gateways as well without any change in integrations.
Whom Does the Onus Rest On for Implementing Tokenisation?
Both payment networks and issuing banks are permitted to tokenise cards going forward from 1st July, 2022. For example, if a customer has an HDFC Visa credit card, either Visa or HDFC can tokenize the card- both are permitted to do so. However, Visa cannot tokenize a MasterCard, and HDFC cannot tokenize cards issued by other banks.