The offering will augment merchants to save card network tokens and comply with Reserve Bank of India (RBI) guidelines on tokenisation. It highlights that neither the approved payment aggregators nor the merchants shall store client card credentials on their servers. Only RBI-authorised card issuing banks or related networks can save customers’ card information. The deadline for card tokenisation is 31 December, 2021.
‘Token Vault’ will eliminate a merchant’s need to onboard multiple payment partners by enabling them to save tokenised cards and process payments using tokenised cards, acting as a single solution. Merchants will now be able to leverage increased security, cost saving, digitalised experience, and data storage.
As per the guidelines, any merchant offering the ‘Save Card’ option to their customers should provide a token as opposed to saving the actual card number. ‘Token Vault’ by Cashfree Payments will assist merchants in migrating to the latest tokenisation norms.
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