Google Pay, a digital payments platform has Expanded its network of bank partners offering Card tokenisation on the Google Pay app by Adding lenders such as State Bank of India (SBI), Induslnd Bank, Federal Bank, and HSBC India.
•Earlier Google Pay has rolled out card Tokenisation with Kotak Mahindra Bank, SBI Cards and Axis Bank.
•Currently it has added debit cards by SBI,
Induslnd Bank and Federal Bank and Credit
Cards by IndusInd Bank and HSBC India.
1.Through their credit card, under tokenisation, the consumers could make contactless payments by using near-field communication (NFC) capable devices/phones at over 2.5 million Visa merchant locations.
2.They could also scan and pay at more than 1.5 million Bharat QR-enabled merchants, and pay bills and recharges from within their Google Pay
3.The addition of SBI, Indusind Bank, Federal Bank, and HSBC India will extend the Tokenisation offers to millions of card users on The Visa network. Earlier Visa has issued over 2 Billion token credentials globally.
i.Tokenisation is the feature that enables users to make debit or credit card payments through a secure digital token without having to physically share their credit or debit card details (especially card numbers).
2.During the payment process, the user’s card number will be replaced with 16 random characters known as a ‘token’ in mobile and online transactions online transactions.
3.This token then allows payments to be
processed without exposing sensitive account details that could breach security and privacy.
Google Pay is the online payment system
Developed by Google to power in-app, online, and In-person contactless purchases on mobile Devices, enabling users to make payments with Android phones, tablets, or watches. It was 1st Released as Android Pay in 2015 and later as Google Pay in 2018.
Headquarters California, United States
CEO Sundar Pichai