With this launch, users will be able to tokenize their cards on the PhonePe App and use the card tokens seamlessly across all use cases on PhonePe such as Bill Payments, Recharges, booking travel tickets, making insurance purchases, making payments on Pincode, as well as at Online Merchants where the PhonePe Payment Gateway services are integrated, the company said in a statement.
For consumers, tokenizing their cards will no longer need to save their card details on merchant platforms or enter a CVV for every transaction, leading to higher success rates and fewer drop-offs at checkout. With tokenized cards securely linked to devices, fraud risks from stolen or leaked card details are also significantly reduced, giving consumers an extra layer of security and boosting consumers’ confidence in online payments. To begin with, consumers will be able to tokenize their Visa Credit and Debit Cards.
For merchants, the advantage goes beyond security – it means tapping into a constantly expanding network of tokenized cards, ensuring faster transactions and higher conversions. As more consumers adopt this seamless payment method, businesses will naturally benefit from higher success rates, improved customer retention, and a frictionless checkout experience that fuels growth. PhonePe PG merchants will also have access to this solution.
Commenting on the launch, Rahul Chari, Co-founder & CTO, PhonePe, said, “We plan to expand this offering by integrating with more card payment networks and enabling access to the device tokenised cards to all PhonePe PG merchants.”
