- With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across all key card networks
BENGALURU, India, June 3, 2022 /PRNewswire/ –– Cashfree Payments, a leading payments and API banking solutions company, today announced that it has partnered with National Payments Corporation of India (NPCI) to provide tokenization solutions on RuPay cards for its merchants. Cashfree Payments’ tokenization solution ‘Token Vault’ helps merchants to provide their customers the option to save cards on the merchant website or app and process card payments securely while being RBI compliant. With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across key card networks like RuPay, Mastercard, and Visa.
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.
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 1st July 2022, neither businesses nor payment aggregators can save customer card details on their platforms. The card details can only be saved by the card networks or issuing banks. Card tokenization is the process of replacing sensitive card information like card number, and card expiry with a cryptographically generated random string, referred to as the card token. Once a card is tokenized, the generated card token can be used for processing payments as a substitute to card details, thus eliminating risk of loss of sensitive card information while making card payments.
Cashfree Payments’ was among the first few players in the industry to go live with its tokenization solution in December 2021.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.
About Cashfree Payments
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.
NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
For more information, visit: https://www.npci.org.in/
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