With the advancements in payment technology, Cashfree Payments is a banking company that will now provide interoperability in card tokenization by introducing ‘Token Vault,’ solution as per the announcements made on June 29.
The tokenisation solutions by ‘Token Vault’ will make only a single tokenization process, enough for traders and companies to complete transactions via card through any payment gateway or card network. This will make ‘Token Vault’ among the first ones to promote this facility as per recent reports.
To understand the concept of card tokenisation, we need to know that Card tokenisation is the method of interchanging all the vulnerable card information involving card number, card expiry, and CVV with card token, token expiry, and cryptogram respectively, that too in a way that these new alterations become untraceable back to the original ones. This, thus, prevents the risk of leaking sensitive card information while transactions through cards.
The primary objective of Cashfree Payments is to indulge with technology to accelerate rebuilding payments’ infrastructure with higher ease and efficiency.
“They will not be dependent on any particular payment gateway for transactions with ‘Token Vault’,” claimed Akash Sinha, CEO & Co-Founder, Cashfree Payments. He also told that now consumers will no longer require to waste time associating with several token service providers.
‘Token Vault’ seamlessly tokenises transaction cards made under the name of all the majorly demanded card companies be it RuPay, Visa, or Mastercard, as per the company’s deal.
Trading can run in association with the RBI (Reserve Bank of India), by tokenising users’ cards when they checkout and saving the card info for the future. Later ahead, the process of transactions becomes effortless with these saved cards, no matter the associated payment gateway partner or card network.
On June 24, 2022, the deadline to process card info storage and its tokenisation was extended by The Reserve Bank of India (RBI) by three more months i.e., up to September 30. It was much needed for traders and payment aggregators to tokenise their transaction cards to avail of the saved card facilities for later.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.