Cashfree Payments Upgrades Its Token Vault

Token Vault, the tokenization solution from Indian payment company Cashfree Payments, now offers interoperability in card tokenization, according to a company press release emailed to PYMNTS.

“Token Vault’s interoperability feature will help businesses who use multiple payment gateways to process tokenized card transactions across any payment gateway and card network of their choice,” the release stated.

Token Vault is one of the first tokenization solutions offering this feature, according to the release. Businesses that use the company’s payment gateway can integrate with Token Vault to securely tokenize cards from networks such as RuPay, Visa and Mastercard.

Cashfree Payments launched Token Vault last year ahead of new guidelines for tokenization imposed by the Reserve Bank of India (RBI). Beginning Sept. 30, “businesses and payment aggregators are required to tokenize a customer’s card while offering the saved card option,” the release stated.

Tokenized cards are considered more secure because the actual details of a customer’s card aren’t shared during transactions. Instead, tokenization replaces these details — card number, expiration date, etc. — with a random string, or card token.

Earlier this month, Cashfree Payments teamed up with education payment services platform EasyTransfer to give university students in India a simpler and less costly way to pay class fees.

Read more: Cashfree Teams With EasyTransfer to Facilitate Indian University Payments Abroad

The partnership allows students to make educational payments directly using their existing bank accounts and avoids the need to set up a new account just to make payments.

Cashfree Payments’ payment gateway enables internet banking and works with Unified Payments Interface (UPI), an instant real-time payment system established by the National Payments Corporation of India (NPCI). Cashfree Payments is also connected to a network of banking partners, which makes it easier to facilitate remittances abroad.

See more: Cashfree Payments Teams With NPCI for Tokenization of RuPay Cards

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