PhonePe tokenises cards on Visa, Mastercard and Rupay
The tokenization solution will help businesses save time and effort by removing the need to integrate with multiple card networks while complying with RBI guidelines
PhonePe on Thursday said it has become the first payments platform to tokenize cards on Visa, Mastercard and Rupay card networks.
The tokenization solution--PhonePe Safecard--will help businesses save time and effort by removing the need to integrate with multiple card networks while complying with Reserve Bank of India (RBI) guidelines, the company said in its statement.
The central bank has asked all merchants and payment gateways to remove sensitive customer data on cards such as card number, expiry date and CVV saved on their end and instead use encrypted tokens to carry transactions. The deadline to comply with this ruling is 31 December 2021.
PhonePe Safecard will enable businesses to offer tokenisation on their own platforms via an API integration and minimum turnaround time. With this solution, businesses can create, process, delete and modify tokens for online card payments with customers’ consent, 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," said Deep Agrawal, Head of Payments, PhonePe.
Customers will be able to securely save their cards issued by the three card networks so that they don’t have to enter their 16-digit card number for every transaction on the PhonePe app.
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