PhonePe is first payments firm to tokenise cards on Visa, Mastercard, Rupay

The company claims the tokenisation solution will help businesses save significant time and effort by removing the need to integrate with multiple card networks while complying with RBI norms

Walmart-owned digital payments firm PhonePe, said it has become the first payments platform to tokenise cards on all three major payment networks - Visa, Mastercard and Rupay. PhonePe’s tokenisation solution will help businesses save significant time and effort by removing the need to integrate with multiple card networks while complying with RBI guidelines.

“We are delighted to be the first payments platform to offer card tokenisation across all 3 major card networks in the country - Visa, Mastercard and Rupay,” said Deep Agrawal, head of Payments, PhonePe. “This is a significant milestone for us and will benefit millions of our merchant partners by helping them comply with the RBI guidelines and ensuring a seamless customer experience.”

Tokenisation provides users an added layer of security by converting sensitive cardholder data to a string of randomly generated numbers known as a token. PhonePe’s tokenisation solution, ‘PhonePe Safecard’, enables businesses to offer tokenisation on their own platforms via a simple API (application programming interface) integration and a minimum turnaround time. With this solution, businesses can create, process, delete and modify tokens for online card payments with customers’ consent.

“PhonePe’s 33 crore registered consumers will also have a unique benefit as they can now tokenise their credit and/or debit cards just once and enjoy seamless usage across all our merchant partners,” said Agrawal. “We continue to work closely with our large base of merchants to help them elevate their customer experience by adopting PhonePe SafeCard.”

PhonePe SafeCard offers businesses a headstart over the competition by utilising access to millions of PhonePe customers’ tokenized cards. PhonePe also takes care of any additional authentication for users, if needed. The firm said it enables a smooth and hassle-free experience for customers through login and payments with additional features. Merchants get a dedicated and secured vault in a PCI-DSS (Payment Card Industry - Data Security Standard) compliant environment.