Cashfree Payments partners with NPCI for tokenization of RuPay cards

Thursday 2 June 2022 12:12 CET | News

India-based banking solution company Cashfree Payments has teamed with 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. With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across card networks like RuPay, Mastercard, and Visa.

Token Vault supports card types such as: 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 and processing payments.

As per RBI guidelines, with effect from 1 July 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.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: tokenization, debit card, credit card, fraud prevention, contactless payments
Categories: Fraud & Financial Crime
Companies: Cashfree Payments, NPCI
Countries: India
This article is part of category

Fraud & Financial Crime

Cashfree Payments



Discover all the Company news on Cashfree Payments and other articles related to Cashfree Payments in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events