Leading payments platform, PhonePe has launched ‘SafeCard’. a tokenisation solution for online debit and credit card transactions. The 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. It said that the solution supports all major card networks such as Mastercard, Rupay and Visa.
Tokenisation is an added layer of security by converting card holder data to a randomly generated number known as token. All the customer has to do is provide a one time consent via OTP and undertake a transaction to tokenise their debit/credit card for the first time.
This feature will enable users to utilise saved card details for seamless transactions across PhonePe ecosystem. SafeCard will enable PhonePe merchant partners to offer and use tokenisation on their own platforms via a simple API integration, PhonePe said.
Ankit Gaur, Director of Online Business at PhonePe said, RBI’s new guideline mandating tokenisation is timely and progressive for the Indian digital payments ecosystem. It will allow for continued growth of digital payments, with the additional security that tokenisation provides.
Crucially,PhonePeSafeCard 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, Gaur added.