PhonePe launches device tokenization solution for secure card transactions
PhonePe on Monday announced the launch of a device tokenization solution for credit and debit cards
- NEW DELHI — Fintech
major PhonePe on Monday announced the launch of a device tokenization solution
for credit and debit cards.
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- 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.
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- “This launch will be a step forward in making digital
payments more secure and seamless. 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,” said Rahul Chari, Co-founder and
CTO, PhonePe.
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- At PhonePe, “we have always focused on building innovative
solutions that enhance customer trust and convenience. As digital payments
evolve, we remain committed to delivering offerings that make transactions
safer, faster, and frictionless for both businesses and consumers,” Chari
added.
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- According to the company, for consumers, tokenizing their
cards has several benefits.
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- They 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.
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- 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.
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- To begin with, consumers will be able to tokenize their Visa
Credit and Debit Cards.
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- For merchants, the advantage goes beyond security - it means
tapping into a constantly expanding network of tokenized cards, ensuring faster
transactions and higher conversions.
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- 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.
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- “As a leading PG, PhonePe PG is proud to be the first to
offer this solution to all its merchants,” said the company.
