PhonePe, 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 offers the advantage of an 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.
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.”
