PhonePe Launched ‘SafeCard’ Tokenization Solution
Tokenization provides users an added layer of security by converting sensitive cardholder data to a string of randomly generated numbers known as a token.
PhonePe 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.
Tokenization provides users an added layer of security by converting sensitive cardholder data to a string of randomly generated numbers known as a token. All a customer has to do is to provide a one time consent via OTP and undertake a transaction to tokenize their debit and/or credit card for the first time. This feature will enable users to utilise saved card details for seamless transactions across the PhonePe ecosystem.
SafeCard will also enable PhonePe merchant partners to offer and use tokenisation on their own platforms via a simple Application programming interface (API) integration. With this solution, merchant partners can create, process, delete and modify tokens for online card payments with customers’ consent. This will save the merchant partners significant time and effort by removing the need to integrate with multiple card networks, while also ensuring full compliance with the RBI guidelines.
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.”