Google Pay, the digital wallet platform, announced that its network of bank partners offering card tokenization on the Google Pay app has grown. SBI, IndusInd Bank, Federal Bank, and HSBC India have all been added to the app. Google Pay was previously available through Kotak Mahindra Bank, SBI Cards, and Axis Bank.
What is Google Pay Tokenization?
Google Pay allows users to assign a “virtual account number,” also known as a token, to a virtual card on their Google Pay-enabled smartphone, which securely ties the actual card number to the virtual card. The card number that a token represents is unique. The app user’s mobile device stores an encryption key in memory that it uses to decrypt contactless transaction limited-use and single-use keys also known as cryptogramsNFC payments. Google Pay will provide consumers with safe and secure omnichannel experiences by allowing them to make contactless payments at over 2.5 million Visa merchant locations, scan and pay at more than 1.5 million Bharat QR-enabled merchants, and pay bills and recharges using their credit card from within their Google Pay app.
How to Enable Debit Card Tokenization in Google Pay?
To activate card tokenization on your Google Pay app,
You’ll need to complete a one-time setup by inputting their card data and then inputting the OTP that the bank will provide to your phone number.
You can make payments at NFC-enabled terminals after you enable the function…Read more>>