Google has roped in more banks for card tokenization on the Google Pay app. Cards tokenization is a feature that lets users make debit or credit card payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. Google Pay had earlier rolled out the feature with Kotak Mahindra Bank, SBI Cards and Axis Bank. However, Google Pay has now added SBI, Induing Bank and Federal Bank and Credit cards by IndusInd Bank and HSBC India to its slate.
Google Pay card tokenization would let users Near-field communication (NFC) capable devices/ phones make contactless payments at over 2.5 million Visa merchant locations. It will also let users scan and pay at more than 1.5 million Bharat QR enabled merchants. Users can also pay their bills and recharge their numbers using credit cards. Google says that the feature also works with online merchants, provides seamless OTP experiences without redirecting users to 3D Secure sites.
Talking about the feature, Sajith Sivanandan, Business Head: Google Pay and NBU APAC said, "We're committed to offering the most secure payments experience to our growing base of users, and tokenization helps to replace sensitive data such as credit and debit card numbers with tokens, eliminating any chances of fraud. We are hopeful that the tokenisation feature will further encourage users to transact securely and safely in the current times and expand merchant transactions both online and offline. The addition of SBI and Federal debit cards, IndusInd Bank debit & credit cards and HSBC credit cards help extend this offering to millions of card users on the Visa network. We are working closely with other banking partners to further expand the adoption of card-based payments with tokenization in India."
To enable the card tokenization on your Google Pay app, you will have to do a one-time set-up by entering their card details and follow it by entering the OTP, which will be sent to your phone number by the bank. Once you enable the feature you can make payments at NFC-enabled terminals. You can also make purchases at large online merchants such as Myntra, Yatra, Dunzo and many others using the cards. Google says that tokenized cards can also be used for mobile recharges, bill payments, insurance payments and many others.
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