Pine Labs brings in CoF tokenisation option across card network

Pine Labs brings in CoF tokenisation option across card network
22 Dec, 2021

In order to be in line with Reserve Bank of India’s (RBI) recent mandate on preserving customer data, Pine Labs has introduced ‘Card-on-File’ or CoF tokenisation solution called Plural Tokenizer’. The merchant commerce platform claimed that this tokenisation solution can do away with the debit or credit card details of the cardholder and will be compatible across leading card networks.  

The RBI has disallowed any entity apart from the card issuer or card networks to store actual cardholder data. The rule will be implemented from January 1, 2022.  

Tanya Naik, Head of Online Business at Pine Labs, said, “Plural Tokenizer is today the only omnichannel platform in India to manage tokens across offline and online payment experiences. For merchants aiming to deliver a consistent user experience and higher transaction approval rates with speed and security as foremost considerations, there is no better available option than Plural.” 

Also read: RBI’s tokenization rules may cause breakdown of digital payments market

Plural Tokenizer comes with robust features such as OTP-based Two-Factor Authentication, visibility to issuers on where the tokens are being stored, cryptograms that are unique to each transaction, and issuance of tokens to merchants for a particular use case that cannot be used outside that specific merchant (CoF) use case or domain (F2F) use case, the company said in a statement.

In January, Pine Labs had launched AllTap, a robust PCI SSC compliant Contactless Payments on COTS (CPoC) solution that underwent an extensive audit and certification from PCI SSC and leading networks like Amex, Mastercard, RuPay, and Visa. Plural Tokenizer is the second major data security focused launch at Pine Labs.