payment provider cash free payment Announced on Wednesday that it will introduce its tokenization solution, ‘Token Vault’ interoperability In card tokenization. token vaultKey interoperability feature will help businesses that use multiple Payment Gateways To process tokenized card transactions at any payment gateway and card network of your choice.

Businesses using Cashfree’s payment gateway can integrate with ‘Token Vault’ to securely tokenize cards issued by all major card networks including RuPay, Visa and Mastercard. Due to this feature, businesses will no longer need to spend time integrating with multiple tokenization service providers to tokenize cards and execute transactions.

,With the interoperability feature of TokenVault, we want

To enable businesses and merchants to manage saved card transactions across any card network or payment gateway using a single token service,” said Akash Sinha, CEO & Co-Founder, cashfree payment. “They will not rely on any particular payment gateway for transactions with the ‘Token Vault’.”

According to RBI, from September 30, 2022, businesses and payment aggregators are required to tokenize the customer’s card while offering the saved card option.

Card tokenization is the process of replacing sensitive card information such as card number, card expiry and CVV with card token, token expiry and cryptogram respectively, which cannot be traced back to the original card details. This eliminates the risk of loss of sensitive card information when making card payments.