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.