PhonePe, leading digital payments company, today launched 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.
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.”