PhonePe, a leading payments fintech platform said it has tokenised 1.4 crore (14 million) debit and credit cards on its platform.
Card Tokenization controls the risk of fraudulent activities and secure users’ card information.
It is currently among the top digital payment players driving tokenization under its Safecard Tokenization Solution. Following RBI’s guideline, PhonePe had started creating tokens in December 2021 and was the first in payments ecosystem to provision tokens with all three major card networks – Visa, Mastercard and RuPay.
Deep Agrawal, Head of Payments at PhonePe said, “We believe card tokenization is a very progressive move by the RBI, and we are on track to meet the September 30th deadline. PhonePe Safecard solution enables our users and merchant partners to continue experiencing the convenience of saved card transactions with increased security. For customers, their card details are saved only by the issuer banks and card networks, minimizing the risk of data leakage and transaction fraud. For merchants, safer transactions translate to consumer confidence in using cards on online platforms, thereby helping merchants witness growth in overall transactions.’’