Cashfree Payments, payments and API banking solutions company, today announced that it has partnered with National Payments Corporation of India (NPCI) to provide tokenization solutions on RuPay cards for its merchants.
Cashfree Payments’ tokenization solution ‘Token Vault’ helps merchants to provide their customers the option to save cards on the merchant website or app and process card payments securely while being RBI compliant, it said in a press statement.
With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across key card networks like RuPay, Mastercard, and Visa, it said.
Token Vault supports all major card types: credit cards, debit cards, prepaid cards, and corporate cards. Businesses can integrate Token Vault API with their platform with a single integration. Once integrated, Cashfree Payments takes care of both saved card function & processing payments, it added.
Akash Sinha, CEO & Co-Founder, Cashfree Payments said, "We are glad to partner with NPCI to enable tokenization for RuPay cards and empower our merchants with a secure and compliance-friendly payments inflow system.”
Gaurish Korgaonkar, Head- Fintech Solutions, NPCI said, "This partnership with Cashfree payments to provide tokenization solutions on RuPay cards will enable cardholders to enjoy a seamless payment experience backed by best-in-class security.”
As per RBI guidelines, with effect from July 1 2022, neither businesses nor payment aggregators can save customer card details on their platforms. The card details can only be saved by the card networks or issuing banks. Card 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. Once a card is tokenized, the generated card token can be used for processing payments as a substitute to card details, thus eliminating risk of loss of sensitive card information while making card payments.