back Back

Cashfree Payments launches ‘Token Vault’ to help merchants meet RBI guidelines

By Leandra Monteiro

November 17, 2021

  • API Banking
  • Cashfree
  • India

CashfreePayments and API banking solutions company, Cashfree Payments announced the launch of tokenization solutions, ‘Token Vault’ enabling merchants to save card network tokens effortlessly, while staying compliant with RBI guidelines.

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

Card-On-File (COF) tokenization 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 tokenized card transaction is 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 Tokenization 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 authorized by the RBI to save customers’ card details. The deadline for card tokenization is December 31, 2021.

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “It gives us immense pleasure to launch Token Vault, which will help us to assist our entire customer base stay aligned with the RBI’s guidelines. The specifications have come at a critical time and will contribute towards sustained growth of a safe digital payments ecosystem in the country. Our tokenization solutions will help merchants save customers’ tokenized card details while enabling a quick and secure card checkout experience. At Cashfree, it is our focus to build innovative and effective solutions, to help provide multiple experiences under one roof.”

Previous Article

November 17, 2021

Jambojet partners with Cellulant to offer customers festive season discounts

Read More
Next Article

November 17, 2021

VoxSmart opens APAC office as part of global expansion

Read More

IBSi Daily News Analysis


July 19, 2024

API Banking

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Ecommpay & Mastercard partner to deliver Click to Pay in Europe

Read More


FinTech Focus: Catch latest developments of the week

Read More


Paysys Labs & Raqami Islamic Digital Bank to fuel digital payments in Pakistan

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024