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PhonePe becomes first to tokenise cards on Visa, Mastercard and Rupay

PhonePe's tokenisation solution 'PhonePe Safecard'' to help businesses save significant time and effort by removing the need to integrate with multiple card networks while complying with RBI guidelines.

December 16, 2021 / 02:27 PM IST

PhonePe on December 16 announced that it has become the first payments platform to tokenise cards on all three major payment networks - Visa, Mastercard and Rupay.

PhonePe's tokenisation solution 'PhonePe Safecard' will help businesses save significant time and effort by removing the need to integrate with multiple card networks while complying with RBI guidelines.

The payments and financial services startup had on November 2 launched the tokenisation solution for online debit and credit card transactions.

As per RBI’s guidelines that are aimed at making card payments more secure, PAs and merchants shall not store card credentials of customers in their database starting January 1, 2022.