Google Pay introduces card tokenisation with banks
By MYBRANDBOOK
Google Pay has expanded its network of bank partners offering card tokenisation on the Google Pay app and added lenders including SBI, IndusInd Bank, Federal Bank, and HSBC India.
In a statement Google Pay said, "After successfully rolling out tokenisation with Kotak Mahindra Bank, SBI Cards, and Axis Bank, Google Pay has now added debit cards by SBI, IndusInd Bank, and Federal Bank and credit cards by IndusInd Bank and HSBC India to its slate."
Tokenisation is a feature that enables users to make debit or credit card payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. The feature also works with online merchants, delivering more native and seamless OTP experiences without redirecting users to 3D Secure sites.
The digital wallet platform said that with tokenisation, it will enable safe and secure omnichannel experiences to help consumers use near-field communication (NFC) capable devices/phones to make contactless payments at over 2.5 million visa merchant locations, scan and pay at more than 1.5 million Bharat QR-enabled merchants, and pay bills and recharges from within their Google Pay app using their credit card.
Sajith Sivanandan, Business Head at Google Pay and NBU - APAC, said, "We're committed to offering the most secure payments experience to our growing base of users, and tokenisation helps to replace sensitive data such as credit and debit card numbers with tokens, eliminating any chances of fraud. We are hopeful that the tokenisation feature will further encourage users to transact securely and safely in the current times and expand merchant transactions both online and offline.”
Visa India and South Asia Group Country Manager TR Ramachandran said with tokenised, contactless forms of payment, millions of mobile first users will be able to use their credit and debit cards on Google Pay, bolstering confidence in a large segment that is new to digital. Visa has already issued over two billion token credentials globally and with Google Pay live in India, these numbers are expected to grow significantly.
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