PhonePe launched tokenisation solution ‘SafeCard’ to help users meet RBI norms
- Digital Payment firm, PhonePe has launched a tokenization solution named ‘SafeCard’ for online debit and credit card transactions.
- Earlier in September 2021, RBI had made device-based tokenization framework applicable to Card-on-File Tokenisation (CoFT) services as well i.e Card-on-File (CoF) means that the Credit/Debit card details are stored by merchants for ease of payment.
- Hence now many payment firms will launch this tokenization solution. Here are some tokenisation solutions launched in recent times:
- PhonePe- ‘SafeCard’
- PayU- ‘PayU Token Hub’
- CCAvenue- ‘TokenPay’
Points to remember:
- Names of tokenisation solutions by various companies
Source: business-standard ; small news