PhonePe becomes first payments platform to tokenise cards on Visa, Mastercard and Rupay
Bengaluru, December 16, 2021: PhonePe, India’s leading digital payments platform, today announced that it has become the first payments platform to tokenise cards on all 3 major payment networks – Visa, Mastercard & Rupay. PhonePe’s tokenization solution will help businesses save significant time and effort by removing the need to integrate with multiple card networks while complying with RBI guidelines.
Tokenisation provides users an added layer of security by converting sensitive cardholder data to a string of randomly generated numbers known as a token. PhonePe’s tokenization solution “PhonePe Safecard” enables businesses to offer tokenisation on their own platforms via a simple API integration and a minimum turnaround time. With this solution, businesses can create, process, delete and modify tokens for online card payments with customers’ consent. Here’s how PhonePe SafeCard offers businesses an edge:
- It gives them a headstart over competition by utilising access to millions of PhonePe customers’ tokenised cards. PhonePe also takes care of any additional authentication for users, if needed.
- It enables a smooth and hassle-free experience for customers through login and payments with additional features.
- Merchants get a dedicated and secured vault in a PCI-DSS (Payment Card Industry – Data Security Standard) compliant environment.
Here’s how consumers benefit from tokenising cards on PhonePe:
- Customers can securely save their cards issued by all 3 major networks (Visa, Mastercard and Rupay) minimizing any chance of transactional fraud
- Customers will not have to enter their 16-digit card number for every transaction on the PhonePe app and across lakhs of PhonePe (online and physical) merchants
Commenting on the development, Deep Agrawal, Head of Payments, PhonePe said, “We are delighted to be the first payments platform to offer card tokenisation across all 3 major card networks in the country – Visa, Mastercard and Rupay. This is a significant milestone for us and will benefit millions of our merchant partners by helping them comply with the RBI guidelines and ensuring a seamless customer experience. PhonePe’s 33+ crore registered consumers will also have a unique benefit as they can now tokenise their credit and/or debit cards just once and enjoy seamless usage across all our merchant partners. We continue to work closely with our large base of merchants to help them elevate their customer experience by adopting PhonePe SafeCard.”
PhonePe is India’s leading digital payments platform with over 340 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments and also buy and invest in gold and silver. PhonePe forayed into financial services in 2017 with the launch of gold providing users with a safe and convenient option to buy 24-karat gold, and recently also launched silver on its platform. PhonePe has since introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, and insurance for the COVID-19 pandemic among others. PhonePe is also accepted at 25 million merchant outlets across India.
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