The characteristic will use tokenization to make contactless funds at NFC-enabled POS terminals. For the unaware, tokenization hyperlinks a digital token together with your cellphone permitting you to make and authenticate funds with out having to share your card particulars with the service provider. According to the corporate, the brand new characteristic will enable Google Pay customers to make contactless funds at over 2.5 million VISA retailers and over 1.5 million Bharat QR enabled retailers within the nation.
As talked about above, the characteristic is at present solely accessible for Axis Bank and SBI clients with VISA playing cards, however extra banks are anticipated to affix quickly as effectively.
“We’re committed to offer 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 tokenisation feature will further encourage users to transact securely and safely in the current times, and expand merchant transactions both online and offline. We are already live for Axis and SBI Card holders with Visa payments network and are working closely with Kotak and other banking partners to further expand the adoption of card-based payments with tokenisation in India.” stated Sajith Sivanandan, Business Head, Google Pay and NBU — India.