With this connection Cashfree Payments became a Certified and Compliant Payment Tokenization service provider across all major card networks.
Cashfree Payments, a leading payments and API banking solutions company in Bengaluru, today announced that the company has partnered with National Payments Corporation of India (NPCI) to provide tokenization solutions on RuPay cards for its merchants (merchants).
The tokenization solution of Cashfree Payments ‘Token Vault’ will help merchants give their customers the option to do card service on a merchant website or app as well as securely complete the card payment process while complying with RBI. With this connection, Cashfree Payments has become a certified and compliant payment tokenization service provider for all major card networks such as Rupee, MasterCard and Visa.
Token Vault supports all major card types: credit cards, debit cards, prepaid cards and corporate cards. Businesses can integrate the Token Vault API with their platform with a single integration. Once integrated, Cashfree Payments takes care of both the operation of the saved card and the payment processing.
Akash Sinha, CEO and Co-Founder of Cashfree Payments, said, “We are pleased to partner with NPCI to enable tokenization for Rupee Cards and to enable our merchants with secure and regulatory payment inflow system.
Cashfree Payments focuses on creating innovative and effective solutions to help provide our merchants with a simple, secure and consistent experience. Our business, products, vision and mission support a digital and inclusive Indian economy. ”
Gaurish Korgaonkar, Head, Fintech Solutions, NPCI, said, “This partnership with Cashfree Payments to provide tokenization solutions on RuPay cards will enable cardholders to have a consistent payment experience through optimal security.
We believe this is a further step towards strengthening the full digital payment environment, which has increased security and safety. We are confident that this initiative will help various merchants to meet the RBI’s deadline in the digital ecosystem. “
As per RBI guidelines, from July 1, 2022, no business or payment aggregators will be able to save customer card details on their platform. Card details can only be saved by card networks or issuing banks. Card tokenization is the process of replacing sensitive card information, such as card expiration, with a cryptographically generated random string referred to as a card number and card token.
Once the card has been tokenized, the generated card token can be used for processing payments as an alternative to card details, thus eliminating the risk of losing sensitive card information at the time of card payment.
Cashfree Payments was among the first few companies in the industry to go live in December, 2021 with its tokenization solution.
With over 50% market share among payment processors, Cashfree Payments is currently leading the bulk distribution in India with its product payouts. Recently, SBI, India’s largest bank, invested in cash-free payments considering its role in building a strong payment ecosystem.
Cashfree Payments works by establishing close alliances with all leading banks to build major payments and banking infrastructure, enabling the company’s products and also integrating with major platforms such as Shopify, Vix, PayPal, Amazon Pay, Paytm and Google Pay. In addition to India, cash-free payment products are used in eight other countries, including the United States, Canada and the UAE.