Fintech major PhonePe on Monday announced the launch of a device tokenization solution for credit and debit cards. With this launch, users will be able to tokenize their cards on the PhonePe app.
Fintech major PhonePe on Monday announced the launch of a device tokenization solution for credit and debit cards. With this launch, users will be able to tokenize their cards on the PhonePe app. PhonePe users will be able to make bill payments, recharges, travel ticket bookings, buying insurance, making payments on PIN codes through cards. Apart from this, cards can also be tokenized at online merchants where PhonePe payment gateway services are integrated.
Rahul Chari, Co-founder and CTO, PhonePe, said, “This launch will be a step forward towards making digital payments more secure and seamless. We plan to expand this offering by integrating with more card payment networks and enabling access to device tokenised cards to all PhonePe PG merchants.”
Chari said, “At PhonePe, we have always focused on building innovative solutions that enhance customer trust and convenience. With the growth of digital payments, we are committed to providing offerings that make transactions secure, fast and hassle-free for both businesses and consumers.”
According to the company, tokenizing cards has many benefits for consumers. PhonePe customers will no longer need to save their card details on the merchant platform or enter CVV for every transaction, leading to higher success rates and fewer drop-offs at checkout.
With tokenized cards securely attached to the device, the risk of fraud from stolen or leaked card details is also significantly reduced, providing consumers with a strong security and increasing consumer confidence in online payments. Consumers will be the first to tokenize their Visa credit and debit cards.
As more consumers adopt this seamless payment method, businesses will naturally benefit from higher success rates, improved customer experience and a seamless checkout experience, which drives growth. The company said, “As a leading payment gateway, PhonePe Payment Gateway is proud to be the first company to provide this solution to all its merchants.”
