Cashfree Payments, a payments and API banking solutions company, has partnered with National Payments Corporation of India (NPCI) to provide tokenisation solutions on RuPay cards for its merchants. Its solution ‘Token Vault’ helps merchants to provide their customers the option to save cards on the merchant website or app and process card payments.
Cashfree said in a release, 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. At Cashfree Payments, it is our focus to build innovative and effective solutions, to help provide a simpler, safe and seamless experience to our merchants. Our business, products, vision and mission support a digital and an inclusive Indian economy.”
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. We believe that this is yet another step towards further strengthening the overall digital payments environment with increased safety and security. We are confident that this initiative will help various merchants in the digital ecosystem meet the RBI deadline.”
As per RBI guidelines, with effect from July 1, 2022, neither business nor payment aggregators can save customers card details on their platforms. The card details can only be saved by the card networks or issuing banks. Card tokenisation is the process of replacing string, referred to as the card token. Once the card gets tokenized, the generated card token can be used for processing payments as a substitute to card details which eliminates the risk of loss of card information while making card payments.
