The debut of a device tokenisation solution for credit and debit cards was announced by fintech giant PhonePe on Monday.
Users will be able to tokenise their cards through the PhonePe App with this launch, and they will be able to use the card tokens in all PhonePe use cases, including bill payment, recharge, travel ticket booking, insurance purchase, Pincode payment, and online merchants where the PhonePe Payment Gateway services are integrated.
“This launch will be a step towards improving the security and ease of digital payments. Rahul Chari, co-founder and CTO of PhonePe, stated, “We intend to grow this offering by integrating with additional card payment networks and granting all PhonePe PG merchants access to the device tokenised cards.”
Our goal at PhonePe has always been to create cutting-edge solutions that increase consumer convenience and trust. We are dedicated to provide solutions that make transactions safer, quicker, and easier for both consumers and companies as digital payments advance,” Chari continued.
The corporation claims that tokenising customers’ cards offers a number of advantages.
Higher success rates and fewer drop-offs at checkout will result from their not having to enter a CVV for each transaction or save their card information on merchant platforms.
Tokenised cards that are securely connected to devices also greatly lower the risk of theft from stolen or compromised card information, providing customers with an additional degree of protection and increasing their trust in online transactions.
First, Visa credit and debit card holders will be able to tokenise their cards.
Beyond security, the benefit for retailers is access to a growing network of tokenised cards, which guarantees quicker transactions and greater conversion rates.
Businesses will inevitably gain from increased success rates, better customer retention, and a smooth checkout process that spurs expansion as more customers choose this easy payment option.
The business declared, “As a leading PG, PhonePe PG is proud to be the first to offer this solution to all its merchants.”
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