Token Vault, the tokenization solution of 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 that use multiple payment gateways to process token card transactions on any payment gateway and card network of their choice,” the statement said.
Token Vault is one of the first tokenization solutions offering this functionality, depending on the version. Businesses using 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 tokenization guidelines imposed by the Reserve Bank of India (RBI). Starting Sept. 30, “businesses and payment aggregators are required to tokenize a customer’s card while offering the card-on-record option,” the statement said.
Token cards are considered more secure because a customer’s actual card details are not shared during transactions. Instead, tokenization replaces those details (card number, expiration date, etc.) with a random string or card token.
Earlier this month, Cashfree Payments partnered with education payment service platform EasyTransfer to offer university students in India an easier and cheaper way to pay for course fees.
Read more: Cashfree partners with EasyTransfer to facilitate Indian university payments abroad
The partnership allows students to make educational payments directly using their existing bank accounts and avoids having to create a new account just to make payments.
Cashfree Payments’ payment gateway enables internet banking and works with the Unified Payment Interface (UPI), a real-time instant payment system established by the National Payments Corporation of India (NPCI). Cashfree Payments is also connected to a network of banking partners, which facilitates the facilitation of funds transfers abroad.
See more : Cashfree Payments Partners with NPCI for RuPay Card Tokenization
NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE
About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.