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Cashfree Payments to offer interoperability in card tokenisation

Businesses will no longer need to spend time integrating with multiple token service providers to tokenize cards and execute transactions, the company said

June 29, 2022 / 07:02 PM IST

Cashfree Payments, a payments and banking technology company, announced on June 29 that its tokenisation solution ‘Token Vault,’ will offer interoperability in card tokenisation. 

Among the first to offer tokenisation solutions, ‘Token Vault’ will allow businesses and merchants to process card transactions across any payment gateway or card network, through a single tokenisation service, according to a press release.

“They will not be dependent on any particular payment gateway for transactions with ‘Token Vault’,” said Akash Sinha, CEO & Co-Founder, Cashfree Payments, adding that business will no longer need to spend time integrating with multiple token service providers.

‘Token Vault’ securely tokenises the cards issued by all major card networks including RuPay, Visa and Mastercard, the company said.

Businesses can stay in compliance with the RBI (Reserve Bank of India), by tokenising customers’ cards at the time of checkout and process these saved card transactions, in the future, through any payment gateway partner or card network.

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The Reserve Bank of India (RBI) on June 24 extended the deadline for card data storage and tokenisation implementation by three more months to September 30, 2022. Businesses and payment aggregators are required to tokenise a customer’s card while offering the saved card option from then.

Card tokenisation is the process of replacing sensitive card information such as 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.

"At Cashfree Payments, our main objective is to create products that will help rebuild the payments’ infrastructure for increased ease and efficiency,” added Sinha.
Moneycontrol News
first published: Jun 29, 2022 07:00 pm
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