NewsSee
Mumbai (Maharashtra) (India), August 29: PayU, one of India’s leading digital financial services providers, announced the launch of its advanced platform ‘Push Provisioning’ at the Global Fintech Festival (GFF) 2024. Offered in partnership with all major card networks, this new dynamic solution enables seamless exchange of card tokens between merchants and banks through a unique single platform, revolutionising the way businesses and customers manage card payments.
To increase customer loyalty and conversion rates, it is crucial to provide end customers with a fast and secure payment experience. PayU’s Push Provisioning platform allows customers to tokenize their cards for multiple merchants and points of sale directly through their bank’s portal. This eliminates the need for customers to store their card details with the respective merchant, significantly increasing the security and convenience of online card transactions.
Push provisioning via a single hub platform also offers merchants numerous benefits, including reduced friction in card payments due to increased security through tokenization, easier acquisition of new customers, minimized risk of card data fraud, and easy re-tokenization of expired tokens.
Manas Mishra, Chief Product Officer at PayU, said, “As part of our commitment to making payments more secure and convenient, we are excited to introduce our advanced Push Provisioning platform. This innovation is an example of our customer-centric approach that protects confidential financial information while providing an unparalleled payment experience to both merchants and customers. We are confident that 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 experiencing explosive growth in India, there is a huge need for payment solutions that enhance transaction security and user experience. Mastercard is delighted to partner with PayU to launch their Push Provisioning platform as it will add value to several key stakeholders in the payments ecosystem.”
Rishi Chhabra, Head of Merchant Services & Acquiring, Visa India and South Asia, said, “Visa is delighted to partner with PayU on the launch of the Push Provisioning Platform – a significant step towards secure and efficient online transactions. Together, we will enhance the e-commerce experience for millions of diverse merchants, large and small, and their customers. We are committed to leveraging the power of advanced tokenization to enrich the future of commerce with seamless, trusted and unified payments.”
PayU’s Push Provisioning Platform is an RBI compliant platform and supports RBI’s vision of building a resilient and secure payments ecosystem.
PayU, one of India’s leading digital financial services providers with Prosus as an investor, operates businesses regulated by the Reserve Bank of India and provides advanced solutions to meet the digital payment requirements of the Indian market. PayU India’s businesses aim to create a full-service digital financial services platform to meet all the financial needs (tapped and untapped) of customers through technology solutions. PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology and has powered over 500,000 businesses including India’s leading enterprises, e-commerce giants and SMEs. It enables businesses to accept digital payments through 150+ online payment methods such as credit cards, debit cards, net banking, EMIs, pay later, QR, UPI, wallets and more. It is a preferred partner in the affordability ecosystem, offering the maximum coverage of issuers and easy-to-implement integrations for card-based EMIs, pay-later options and modern cardless EMIs. PayU offers e-commerce brands the best-in-class success rates while ensuring a seamless checkout experience.
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