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December 22, 2021
New Delhi, December 22, 2021: Leading merchant commerce platform, Pine Labs today announced the launch of ‘Plural Tokenizer’, a tokenisation solution that works across leading card networks. This Card-on-File or CoF tokenisation solution will replace the debit or credit card details of the cardholder with what are called ‘tokens’ or randomly generated numbers. This launch is in line with the Reserve Bank of India (RBI) guidelines that mandate no entity other than the card issuer or card networks to store actual cardholder data with effect from January 1, 2022.
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 launch of Plural Tokenizer is our endeavor to make the payment transaction experience more secure for the end user i.e., our merchant’s customers. Plural 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. I am happy to reveal that Plural’s existing merchants are already migrating to the tokens solution,” said Tanya Naik – Head of Online Business at Pine Labs.
Plural is Pine Labs’ recent foray in online payments space. Products under brand Plural offer an integrated omnichannel payment experience for brands across offline and online platforms, offering multiple payment choices and Buy Now Pay Later integration to customers. Several integration options are available under Plural Tokenizer for merchants to enable a seamless and secure payment experience to their customers.
Plural Tokenizer is another major data security focused launch at Pine Labs. In January 2021, 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.
A leading merchant commerce platform, Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia. The company's leading cloud-based software platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently available in Singapore, Malaysia and Indonesia with a planned roll-out in India in the near term. Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.