Tag: ‘Token Vault’

Leading payments and API banking solutions company, Cashfree Payments today announced that its tokenization solution, ‘Token Vault’ will go live on December 27, 2021. The company has partnered with Visa and Mastercard to deploy tokenization services for its customers. 

The offering will empower merchants to save card network tokens easily to comply with Reserve Bank of India (RBI) guidelines on Tokenization. It highlights that neither the approved Payment Aggregators nor the merchants shall store client card credentials on their servers. Only RBI-authorized card issuing banks or related networks can save customers’ card information. The deadline for card tokenization is December 31, 2021. 

‘Token Vault’ will eliminate a merchant’s need to onboard multiple payment partners by enabling them to save tokenized cards and process payments using tokenized cards, acting as a single solution. Merchants will now be able to leverage increased security, cost saving, digitalised experience and simplified data storage. 

As per the guidelines, any merchant offering the ‘Save Card’ option to their customers should provide a token as opposed to saving the actual card number. ‘Token Vault’ by Cashfree Payments will assist merchants in migrating to the latest tokenization norms in an effortless manner. This will ensure trust among the customers and will benefit them on multiple fronts including a better digital experience and improved token security. 

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are excited to take Token Vault live from December 27. With this offering, customers will be empowered with a secure and compliance-friendly payments inflow system. This is a further step towards enhancing security of card transactions. The end customer will feel more confident about their data security and further cement their trust in digital shopping experience. We are happy to launch this at the time of the winter festive shopping season and businesses will witness a spike in card transactions. Cashfree Payments’ tokenization solution will make things simpler, safe and seamless.”    

Cashfree Payments is one of the certified and compliant payment tokenization service providers which works across key networks like Visa and Mastercard. 

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 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. 

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.