Leading payments and API banking solutions company, Cashfree Payments (Cashfree) today announced the launch of tokenization solutions, ‘Token Vault’ enabling merchants to save card network tokens effortlessly, while staying compliant with RBI guidelines. The company’s Token Vault Service offers both, saving tokenized cards and processing payments using tokenized cards as a single solution, eliminating merchants’ need to look out for multiple payment partners.
Card-On-File (COF) tokenization is the process of replacing sensitive card information like card number, and card expiry with a cryptographically generated random string referred to as the card token. A tokenized card transaction is safer because the actual card details are not shared with the merchant during a transaction. The generated card token can be used for processing payments, as a substitute for the actual card details like card number and card expiry and CVV. This eliminates the issue of loss of sensitive card information while making card payments
The recent circular by the Reserve Bank of India (RBI) on Tokenization states that neither the authorized Payment Aggregators nor the merchants shall store customer card credentials on their servers. Only the card issuing banks or the corresponding networks are authorized by the RBI to save customers’ card details. The deadline for card tokenization is December 31, 2021.
Akash Sinha, CEO, and Co-Founder, of Cashfree Payments, said, “It gives us immense pleasure to launch Token Vault, which will help us to assist our entire customer base to stay aligned with the RBI’s guidelines. The specifications have come at a critical time and will contribute to the sustained growth of the country’s safe digital payments ecosystem. Our tokenization solutions will help merchants save customers’ tokenized card details while enabling a quick and secure card checkout experience. At Cashfree, it is our focus to building innovative and effective solutions, to help provide multiple experiences under one roof.”
Cashfree is one of the certified and compliant payment tokenization service providers which works across all major networks like Mastercard, Visa, and RuPay.
With over 50% market share among payment processors, Cashfree Payments today leads the way in online payments, vendor payments, e-mandate, and bulk disbursals in India with Cashfree Payments Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payment gateways and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.
About Cashfree Payments:
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate a payment gateway, a split payment solution for marketplaces, bank account verification API, and Auto Collect – a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
