PhonePe’s ‘SafeCard’ tokenisation solution to help users meet RBI norms

Walmart-owned digital payments firm PhonePe has launched PhonePe SafeCard, a tokenisation solution for online debit and credit card transactions. This solution will enable both PhonePe users and merchant partners to continue experiencing the convenience of saved card transactions with increased security, and in compliance with the new Reserve Bank of India (RBI) guidelines. This solution supports all major card networks such as Mastercard, Rupay and Visa.

Tokenisation provides users an added layer of security by converting sensitive cardholder data to a string of randomly generated numbers known as a token. All a customer has to do is to provide a one time consent via OTP (one-time password) and undertake a transaction to tokenize their debit and/or credit card for the first time.