Cashfree Payments, a facilitator of online payments, declared that their card tokenization solution, Token Vault, will support interoperability. Businesses that utilise several payment gateways can benefit from Token Vault‘s interoperability functionality, which enables them to process tokenized card transactions through any payment gateway and card network of their choice.
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KEY POINTS:
- Businesses who use Cashfree‘s Payment Gateway can interact with Token Vault to safely tokenize cards issued by all major card networks, including Visa, Mastercard, and RuPay.
- Businesses won’t have to waste time integrating with several token service providers in order to tokenize cards and carry out transactions thanks to this feature.
- We hope to empower people with the interoperability feature of Token Vault.
- Using a single tokenization solution, organisations and merchants can manage stored card transactions across any card network or payment gateway. They won’t be reliant on any certain payment processor to conduct transactions with Token Vault.
- Businesses and payment aggregators are required by the RBI to tokenize a customer’s card when presenting the stored card option starting on September 30, 2022.
Card tokenization is the process of switching out sensitive card data, such as the card number, expiration date, and CVV, with tokens, cryptograms, and data that cannot be linked back to the original card details. This removes the possibility of losing private card information while using a card to make a purchase.
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