Google Pay expands cards tokenisation with SBI, IndusInd, HSBC and Federal Bank
[ad_1]
Read More/Less
Digital payments platform Google Pay has announced further expansion in the footprint of bank partners offering cards tokenisation on the Google Pay app.
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 platform had earlier rolled out tokenisation with Kotak Mahindra Bank, SBI Cards and Axis Bank. It has now added debit cards by SBI, IndusInd Bank and Federal Bank and Credit cards by IndusInd Bank and HSBC India to its slate.
Also read: Google Pay users in US can transfer money to India, Singapore
The feature also works with online merchants. With tokenisation, Google Pay users can use Near-field communication (NFC) capable devices/phones to make contactless payments at over 2.5 million Visa merchant locations. They can scan and pay at more than 1.5 million Bharat QR enabled merchants as well as pay bills and recharges from within their Google Pay app using their credit card, Google said.
Sajith Sivanandan, Business Head- Google Pay and NBU – APAC said, “We are committed to offer 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.”
Further expansion
“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. 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,” added Sivanandan.
In order to enable the tap and pay feature using the smartphone phone, users will have to do a one-time set up by entering their card details and follow it by entering the OTP they get from the bank to add their card to the Google Pay app.
Once the registration is done, users can use the feature to make payments at NFC-enabled terminals. Cards can also be used to make purchases at large online merchants such as Myntra, Yatra, Dunzo and others.
[ad_2]