Digital payments platform PhonePe has tokenized cards on all three major payment networks - Visa, Mastercard and Rupay. PhonePe is offering its tokenization solution “PhonePe Safecard'' to enable businesses to offer tokenisation on their own platforms via an API integration.
PhonePe’s tokenization solution will help businesses save time and effort by removing the need to integrate with multiple card networks while complying with RBI guidelines. With this solution, businesses can create, process, delete and modify tokens for online card payments with customers’ consent.
Customers can save their cards issued by all three major networks. They will not have to enter their 16-digit card number for every transaction on the PhonePe app and across lakhs of PhonePe merchants.
Deep Agrawal, Head of Payments, PhonePe said, "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. PhonePe’s over 33 crore registered consumers will also have a unique benefit as they can now tokenize their credit and debit cards just once and enjoy seamless usage across all our merchant partners.
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