Google Pay launches cards tokenisation with SBI, other banks in collaboration with Visa
Google Pay on Wednesday said it has expanded its network of bank partners offering cards tokenisation on the Google Pay app and added lenders including SBI, IndusInd Bank, Federal Bank, and HSBC India.
Google Pay on Wednesday said it has expanded its network of bank partners offering cards tokenisation on the Google Pay app and added lenders including SBI, IndusInd Bank, Federal Bank, and HSBC India.
"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," a statement said.
See Zee Business Live TV Streaming Below:
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.
Google Pay said 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.
"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," Sajith Sivanandan, Business Head at Google Pay and NBU - APAC, said.
He added that the addition of SBI and Federal debit cards, IndusInd Bank debit and credit cards, and HSBC credit cards helps extend this offering to millions of card users on the Visa network.
"We are working closely with other banking partners to further expand the adoption of card-based payments with tokenisation in India," he said.
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, he added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
06:40 PM IST