PhonePe launches ‘SafeCard’ tokenization solution
- SafeCard provides convenience & enhanced security for online transactions
- PhonePe will also be creating simplified APIs for its online merchants to enable tokenization with minimal effort
National, November 2nd, 2021: PhonePe, India’s leading digital payments company, today announced the launch of PhonePe SafeCard, a tokenization solution for online debit and credit card transactions. This solution will enable both PhonePe users and merchant partners to continue experiencing the convenience of saved card transactions with increased security, and in compliance with the new RBI guidelines. This solution supports all major card networks such as Mastercard, Rupay and Visa.
Tokenization provides users an added layer of security by converting sensitive cardholder data to a string of randomly generated numbers known as a token. All a customer has to do is to provide a one time consent via OTP and undertake a transaction to tokenize their debit and/or credit card for the first time. This feature will enable users to utilise saved card details for seamless transactions across the PhonePe ecosystem.
SafeCard will also enable PhonePe merchant partners to offer and use tokenisation on their own platforms via a simple Application programming interface (API) integration. With this solution, merchant partners can create, process, delete and modify tokens for online card payments with customers’ consent. This will save the merchant partners significant time and effort by removing the need to integrate with multiple card networks, while also ensuring full compliance with the RBI guidelines.
Speaking about the launch, Ankit Gaur, Director of Online Business at PhonePe said “RBI’s new guideline mandating tokenization is timely and progressive for the Indian digital payments ecosystem. This will allow for the continued growth of digital payments, with the additional security that tokenization provides. Crucially, PhonePe SafeCard ensures that the added security doesn’t impact the customer experience at all. We are also closely working with our large merchant base to take them live on this platform.”
PhonePe is India’s leading digital payments platform with over 325 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 22+ million merchant outlets across India.
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