Digital payments platform PhonePe has said that it has become the first platform to offer tokenized cards on Visa, Mastercard and Rupay, the three major payment networks.
Tokenization assists businesses to save time by removing the need to integrate with multiple card networks while complying with RBI guidelines and gives an added layer of security by converting sensitive cardholder data to a string of randomly generated numbers known as a token.
"We are delighted to be the first payments platform to offer card tokenization 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," said Deep Agrawal, Head of Payments, PhonePe.
The Flipkart-owned company claims that "PhonePe Safecard", will enable businesses to offer tokenization on their platforms through API integration and a minimum turnaround time. Businesses can create, process, delete and modify tokens for online card payments with customers' consent.
"It gives them a headstart over the competition by utilising access to millions of PhonePe customers' tokenized cards. PhonePe also takes care of any additional authentication for users," the company said.
PhonePe says that it will offer customers a smooth and hassle-free experience through login and payments with additional features. Merchants get a dedicated and secured vault in a Payment Card Industry - Data Security Standard (PCI-DSS ) compliant environment.
Customers can securely save their cards issued by all three major networks (Visa, Mastercard and Rupay), minimizing any chance of transactional fraud.
The company said that 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.
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