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Cashfree Payments launches 'Token Vault,' compliant with RBI guidelines

Wednesday 17 November 2021 10:31 CET | News

India-based fintech Cashfree Payments has announced the launch of tokenisation solution ‘Token Vault,’ which saves card network tokens while staying compliant with RBI guidelines.

The company’s Token Vault Service offers both, saving tokenised cards and processing payments using tokenised cards as a single solution, eliminating merchants’ need to look out for multiple payment partners. 

Card-On-File (COF) tokenisation is the process of replacing sensitive card information like card number, card expiry with a cryptographically generated random string, referred to as the card token. A tokenised card transaction may be safer because the actual card details are not shared with the merchant during a transaction. The generated card token can be used for processing payments, as a substitute to the actual card details like card number and card expiry and CVV. This eliminates the issue of loss of sensitive card information while making card payments.

The recent circular by Reserve Bank of India (RBI) on Tokenisation states that neither the authorised Payment Aggregators nor the merchants shall store customer card credentials on their servers. Only the card issuing banks or the corresponding networks are authorised by the RBI to save customers’ card details. The deadline for card tokenisation is December 31, 2021.


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Keywords: tokenization, Token, Cashfree, fraud prevention, card on file, product launch
Categories: Fraud & Financial Crime
Companies:
Countries: India
This article is part of category

Fraud & Financial Crime