Cashfree Payments partners with NPCI for tokenization of RuPay cards

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.