Leading payments and API banking solutions company Cashfree Payments, today announced that its tokenization solution, ‘Token Vault’ will offer interoperability in card tokenization. Token Vault’s interoperability feature will help businesses who use multiple payment gateways to process tokenized card transactions across any payment gateway and card network of their choice.
Cashfree Payments’ Token Vault is among the first few tokenization solutions to offer this feature. Additionally, with the introduction of the interoperability feature, businesses using Cashfree Payments’ Payment Gateway can integrate with Token Vault to securely tokenize the cards issued by all major card networks including RuPay, Visa and Mastercard. While interoperability in card networks is already offered by multiple token service providers, interoperability in payment gateways offered by Token Vault will change the way tokenization will impact businesses.
As a result, businesses will no longer need to spend time integrating with multiple token service providers to tokenize cards and execute transactions. With a single integration with Cashfree Payments’ Token Vault, businesses can stay RBI compliant, by tokenizing customers’ cards at the time of checkout and in future process these saved card transactions through any payment gateway partner or card network.
Cashfree Payments was among the first few players in the industry to go live with its tokenization solution in December 2021.
Akash Sinha, CEO & Co-Founder, Cashfree Payments said, “At Cashfree Payments, we are proud to be among the first in the industry to launch the interoperability feature in card tokenization through ‘Token Vault’. With Token Vault’s interoperability feature, we want to empower businesses and merchants to manage saved card transactions across any card network or payment gateway, using a single tokenization service. They will not be dependent on any particular payment gateway for transactions with ‘Token Vault’. We are happy to share that our merchants have already started going live on tokenization. At Cashfree Payments, our main objective is to create products that will help rebuild the payments’ infrastructure for increased ease and efficiency.”
As per RBI, with effect from 30th September, 2022, businesses and payment aggregators are required to tokenize a customer’s card while offering the saved card option.
Card tokenization is the process of replacing sensitive card information like card number, card expiry and CVV with card token, token expiry and cryptogram respectively, which cannot be traced back to the original card details. This eliminates the risk of loss of sensitive card information while making card payments.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product 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 payments 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.