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PhonePe 'SafeCard' enables businesses to implement tokenisation easily
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SME Times News Bureau | 30 Nov, 2021
PhonePe, Indias leading digital payments platform, on Tuesday announced
that its SafeCard tokenisation solution for online businesses enables
their end customers to experience the convenience of saved card
transactions with added security.
This solution is in compliance with the recent RBI guidelines.
PhonePe
SafeCard enables businesses to offer tokenisation on their own
platforms via a simple API integration. With this solution, businesses
can create, process, delete and modify tokens for online card payments
with a customers' consent, the company said in a statement.
PhonePe
SafeCard enhances customer experience and saves businesses significant
time and effort, by working smoothly across all major card networks
including Mastercard, RuPay and Visa.
It also removes the need for integration with multiple card networks.
To
offer businesses an edge, PhonePe SafeCard gives them a headstart over
competition by utilising access to millions of PhonePe customers'
tokenised cards. PhonePe also takes care of any additional
authentication for users, if needed.
"It enables a smooth and
hassle-free experience for customers through login and payments with
additional features. Merchants get a dedicated and secured vault in a
PCI-DSS (Payment Card Industry-Data Security Standard) compliant
environment," according to the company.
In addition, transactions
on the merchant platform can be processed using any payment gateway
chosen by the business, while they have the flexibility to process
transactions with the payment gateway of their choice.
PhonePe
said it is working actively with its large base of online businesses to
help them elevate their customer experience by adopting the PhonePe
SafeCard.
The company processed over two billion transactions on its platform in October alone this year.
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