CURRENT AFFAIRS

Detailed explanation-1: -Cashfree Payments, today announced that its tokenization solution, ‘Token Vault’ will offer interoperability in card tokenization.

Detailed explanation-2: -Akash Sinha, CEO & Co-Founder, Cashfree Payments, said, “At Cashfree Payments, we are proud to be among the first in the industry to launch the interoperability feature in card tokenization through ‘Token Vault’.

Detailed explanation-3: -Normally, in a tokenised card transaction, parties / stakeholders involved are merchant, the merchant’s acquirer, token service provider (card payment network or card issuer), token requestor, issuer and customer.

Detailed explanation-4: -Tokenization is a process by which card details are replaced by a unique code or token, allowing online purchases to go through without exposing sensitive card details.

Detailed explanation-5: -The token service provider is an entity within the payments ecosystem that is able to provide registered token requestors – for example the merchants holding the card credentials – with ‘surrogate’ PAN values such as dynamic/alternate PANs, otherwise known as payment tokens.