Bangalore, 21 Dec 2021

Cashfree Payments’ tokenization solution ‘Token Vault’ to go live on December 27

Offers a single solution for both, saving tokenized cards and processing payments using tokenized cards Partners with Visa and Mastercard

Bengaluru, 21 December 2021: Leading payments and API banking solutions company,
Cashfree Payments today announced that its tokenization solution, ‘Token Vault’ will go live on
December 27, 2021. The company has partnered with Visa and Mastercard to deploy tokenization
services for its customers.
The offering will empower merchants to save card network tokens easily to comply with Reserve
Bank of India (RBI) guidelines on Tokenization. It highlights that neither the approved Payment

Aggregators nor the merchants shall store client card credentials on their servers. Only RBI-
authorized card issuing banks or related networks can save customers’ card information. The

deadline for card tokenization is December 31, 2021.
‘Token Vault’ will eliminate a merchant’s need to onboard multiple payment partners by enabling
them to save tokenized cards and process payments using tokenized cards, acting as a single
solution. Merchants will now be able to leverage increased security, cost saving, digitalised
experience and simplified data storage.
As per the guidelines, any merchant offering the ‘Save Card’ option to their customers should
provide a token as opposed to saving the actual card number. ‘Token Vault’ by Cashfree
Payments will assist merchants in migrating to the latest tokenization norms in an effortless
manner. This will ensure trust among the customers and will benefit them on multiple fronts
including a better digital experience and improved token security.
Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are excited to take Token
Vault live from December 27. With this offering, customers will be empowered with a secure and
compliance-friendly payments inflow system. This is a further step towards enhancing security of
card transactions. The end customer will feel more confident about their data security and further
cement their trust in digital shopping experience. We are happy to launch this at the time of the
winter festive shopping season and businesses will witness a spike in card transactions. Cashfree
Payments’ tokenization solution will make things simpler, safe and seamless.”
Cashfree Payments is one of the certified and compliant payment tokenization service providers
which works across key networks like Visa and Mastercard.
With over 50% market share among payment processors, Cashfree Payments today leads the
way in online payments, vendor payments, e-mandate and bulk disbursals in India with Cashfree
Payments 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 payment gateways 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 gateway, 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.
Media Contacts:
Swagata Gupta I swagata.gupta@cashfree.com | 9820088951
Sinoj Sadanandan | sinoj.sadanandan@cashfree.com | 9619375635
Niharika Saluja | niharika.saluja@adfactorspr.com | 8097341147