New Delhi, Feb 17 (IANS) 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, and use the card tokens seamlessly across all use cases on PhonePe such as bill payments, recharges, booking travel tickets, making insurance purchases, making payments on Pincode, as well as at online merchants where the PhonePe Payment Gateway services are integrated.
“This launch will be a step forward in making digital payments more secure and seamless. We plan to expand this offering by integrating with more card payment networks and enabling access to the device tokenised cards to all PhonePe PG merchants,” said Rahul Chari, Co-founder and CTO, PhonePe.
At PhonePe, “we have always focused on building innovative solutions that enhance customer trust and convenience. As digital payments evolve, we remain committed to delivering offerings that make transactions safer, faster, and frictionless for both businesses and consumers,” Chari added.
According to the company, for consumers, tokenizing their cards has several benefits.
They will no longer need to save their card details on merchant platforms or enter a CVV for every transaction, leading to higher success rates and fewer drop-offs at checkout.
With tokenized cards securely linked to devices, fraud risks from stolen or leaked card details are also significantly reduced, giving consumers an extra layer of security and boosting consumers’ confidence in online payments.
To begin with, consumers will be able to tokenize their Visa Credit and Debit Cards.
For merchants, the advantage goes beyond security – it means tapping into a constantly expanding network of tokenized cards, ensuring faster transactions and higher conversions.
As more consumers adopt this seamless payment method, businesses will naturally benefit from higher success rates, improved customer retention, and a frictionless checkout experience that fuels growth.
“As a leading PG, PhonePe PG is proud to be the first to offer this solution to all its merchants,” said the company.
–IANS
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