PhonePe declares that it has become the first platform to tokenise cards on Visa, Mastercard and Rupay. PhonePe’s tokenisation solution ‘PhonePe Safecard’ will help businesses save time and effort by removing the multiple card networks while complying with RBI guidelines. PhonePe launched the tokenisation solution for online debit and credit card transactions.
According to RBI’s guidelines, the card payments should be more secure; PAs and merchants should not store the card credentials of customers in their database starting from January 1, 2022. This solution will allow businesses to offer tokenisation via simple API integration. With this solution, companies can create, process, delete and modify tokens for online card payments with customers’ consent, the company said in a statement.
Deep Agrawal, Head of Payments of PhonePe, said, “We are delighted to be the first payments platform to offer card tokenisation across all three major card networks in India, i.e. Visa, Mastercard and Rupay. This is a milestone for us and will benefit millions of merchant partners by helping them comply with the RBI guidelines and making sure a seamless customer experience.”