SBI, Axis, HSBC Supports Google Pay’s Tokenized Payments With Debit/Credit Cards (How It Works?)
On Wednesday, Google Pay announced to expand its cards tokenization feature in collaboration with Visa.
The move is to add new banks that enable users to make debit and credit card payments through a secure digital token attached to their phones.
Addition Of More Banks
Now, it has roped in more banks for card tokenization on the Google Pay app.
For the unaware, Card tokenization is a feature that lets users 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.
Prior to this, Google Pay had rolled out the feature with Kotak Mahindra Bank, SBI Cards and Axis Bank.
In the latest round, Google Pay has added SBI, Indusind Bank, and Federal Bank and Credit cards by IndusInd Bank and HSBC India to its slate.
How Does It Help?
With the use of this Google Pay card tokenization, users could make contactless payments with Near-field communication (NFC) capable devices/ phones at over 2.5 million Visa merchant locations.
In addition to that, the users will be able to scan and pay at more than 1.5 million Bharat QR-enabled merchants.
They can also use this facility to pay their bills and recharge their numbers using credit cards.
On top of that, the feature also works with online merchants, provides seamless OTP experiences without redirecting users to 3D Secure sites.
Shedding more light on the subject, the Business Head of Google Pay and NBU — APAC, Sajith Sivanandan said, “We’re committed to offering the most secure payments experience to our growing base of users, and tokenization helps to replace sensitive data such as credit and debit card numbers with tokens, eliminating any chances of fraud. We are hopeful that the tokenization 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 & credit cards and HSBC credit cards help 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 tokenization in India.”
How Does It Work?
To make this feature work for you, you simply have to do a one-time set-up by entering their card details.
Follow it by entering the OTP, which will be sent to your phone number by the bank.
Once, the feature is enabled, you can make payments at NFC-enabled terminals.
This facility can also be used to make purchases at large online merchants such as Myntra, Yatra, Dunzo and many others using the cards.