PhonePe, India’s leading digital payments platform, on Tuesday announced that its SafeCard tokenization 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 tokenization on their own platforms via simple API integration. With this solution, businesses can create, process, delete and modify tokens for online card payments with a customer’s 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.
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It also removes the need for integration with multiple card networks.
To offer businesses an edge, PhonePe SafeCard gives them a headstart over the competition by utilizing access to millions of PhonePe customers’ tokenized 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. At the same time, 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.