PayU Unveils Push Provisioning Platform To Enable Seamless Card Tokenisation Between Banks & Merchants

PayU Unveils Push Provisioning Platform To Enable Seamless Card Tokenisation Between Banks & Merchants

SUMMARY

The platform allows customers to tokenise their credit and debit cards for multiple merchants and outlets directly through their bank’s portal

In the lead-up to its IPO, the company has made a slew of announcements this year — including integrating Amazon Pay Later and Blinkit into its app

PayU India posted a 11% year-on-year (YoY) jump in its revenue to $444 Mn in FY24

Days after integrating Amazon Pay Later into its app to offer instant digital credit to customers, Prosus-backed digital payments giant PayU has now rolled out a push provisioning platform to facilitate seamless card tokenisation between banks and merchants.

The newly-unveiled platform allows customers to tokenise their credit and debit cards for multiple merchants and outlets directly through their bank’s portal, eliminating the need to save card details at the individual merchant level, the company said in a statement. 

Additionally, it also offers several benefits to merchants, including reduced friction in card payments, minismised risk of card data-related fraud and re-tokenisation of lapsed tokens.

The platform was launched at the Global Fintech Festival 2024 in partnership with all major card networks such as Visa and Mastercard. The move is aimed at enhancing the security and convenience of online card transactions.

Founded in 2006, PayU India enables businesses to collect online and offline payments via more than 150 payment modes, including debit cards, credit cards, net banking, BNPL, QR, UPI, EMIs and wallets. It competes against the likes of Razorpay and Cashfree.

The company has made a slew of announcements this year — including integrating Amazon Pay Later and Blinkit into its app — in the lead-up to its potential initial public offering (IPO). As per media reports, the fintech giant could file its draft red herring prospectus (DRHP) with the Securities and Exchange Commission of India (SEBI) this year for an initial public offering of at least $500 Mn.

Earlier this year, PayU India received an in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). The nod allowed the company to onboard new merchants for its payments business. 

In June, Dutch investment company Prosus, in its annual 2024 report, said that PayU India posted a 11% year-on-year (YoY) jump in its revenue to $444 Mn in the financial year 2023-24 (FY24).

The growth in the top line came primarily on the back of the rise in volumes from its existing merchant user base and growing “value added” services.

 

Step up your startup journey with BHASKAR! From resources to networking, BHASKAR connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

PayU Unveils Push Provisioning Platform To Enable Seamless Card Tokenisation Between Banks & Merchants-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

PayU Unveils Push Provisioning Platform To Enable Seamless Card Tokenisation Between Banks & Merchants-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

PayU Unveils Push Provisioning Platform To Enable Seamless Card Tokenisation Between Banks & Merchants-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

PayU Unveils Push Provisioning Platform To Enable Seamless Card Tokenisation Between Banks & Merchants-Inc42 Media
PayU Unveils Push Provisioning Platform To Enable Seamless Card Tokenisation Between Banks & Merchants-Inc42 Media
You’re in Good company