Device Tokenization for Credit and Debit Cards
PhonePe, a leading digital payments platform, has rolled out an innovative security feature designed to enhance user safety and streamline online transactions. The company has introduced device tokenization solutions for credit and debit cards, enabling users to tokenize their cards directly within the app. This cutting-edge feature ensures secure transactions for a variety of services, including bill payments, recharges, travel bookings, insurance purchases, and PIN code-based payments.
By opting for card tokenization, PhonePe users can enjoy multiple benefits, such as enhanced security and greater convenience. With this update, users no longer need to store their card details on merchant platforms or repeatedly enter CVV information for every transaction, as confirmed by PhonePe. The company highlighted that securely linking tokenized cards to a device significantly reduces the risk of fraud, thereby boosting trust in online payments.
Initially, the tokenization service is available for Visa credit and debit cards, and it can be used with online merchants integrated with PhonePe’s payment gateway. This move underscores PhonePe’s commitment to providing secure, hassle-free payment solutions for its users.
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