PhonePe, today announced the launch of a device tokenization solution for Credit and Debit cards. With this launch, users will be able to tokenize their cards on the PhonePe App, and use the card tokens seamlessly across all use cases on PhonePe such as Bill Payments, Recharges, booking travel tickets, making insurance purchases, making payments on Pincode, as well as at Online Merchants where the PhonePe Payment Gateway services are integrated.
For consumers, tokenizing their cards has several benefits. They will no longer need to save their card details on merchant platforms or enter a CVV for every transaction, leading to higher success rates and fewer drop-offs at checkout. With tokenized cards securely linked to devices, fraud risks from stolen or leaked card details are also significantly reduced, giving consumers an extra layer of security and boosting consumers’ confidence in online payments. To begin with, consumers will be able to tokenize their Visa Credit and Debit Cards.
For merchants, the advantage goes beyond security – it means tapping into a constantly expanding network of tokenized cards, ensuring faster transactions and higher conversions. As more consumers adopt this seamless payment method, businesses will naturally benefit from higher success rates, improved customer retention, and a frictionless checkout experience that fuels growth. PhonePe PG merchants will also have access to this solution.
Commenting on the launch, Rahul Chari, Co-founder & CTO, PhonePe, said, “This launch will be a step forward in making digital payments more secure and seamless. We plan to expand this offering by integrating with more card payment networks and enabling access to the device tokenised cards to all PhonePe PG merchants. At PhonePe, we have always focused on building innovative solutions that enhance customer trust and convenience. As digital payments evolve, we remain committed to delivering offerings that make transactions safer, faster, and frictionless for both businesses and consumers.”
About PhonePe Group:
PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. Since then, the PhonePe app has become India’s leading consumer payments app. As of Jan 25, PhonePe has over 59 Crore lifetime registered users and a digital payments acceptance network spread across over 4 Crore merchants. PhonePe also processes over 31 Crore transactions daily with an Annualized Total Payment Value (TPV) of over INR 145 lakh crore.
On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.
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