365Telugu.com online news,February 18th,2025: PhonePe has announced the launch of its device tokenization solution for credit and debit cards, enhancing security and convenience for digital transactions.
With this new feature, users can tokenize their cards on the PhonePe app and use them seamlessly across multiple payment categories, including bill payments, recharges, travel bookings, insurance purchases, and online merchants integrated with PhonePe Payment Gateway services.
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By tokenizing their cards, users no longer need to store card details on merchant platforms or manually enter CVV for each transaction. This reduces checkout drop-offs and increases transaction success rates, offering a seamless payment experience.
Additionally, tokenized cards are securely linked to users’ devices, significantly lowering fraud risks from stolen or leaked card details, thereby enhancing consumer confidence in online payments. The initial rollout supports Visa credit and debit cards, with plans for future expansion.
For merchants, device tokenization goes beyond security-it allows them to leverage a growing network of tokenized cards, resulting in faster transactions and improved conversion rates.
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As more users adopt tokenized payments, businesses can expect higher success rates, enhanced customer retention, and a smoother checkout experience, ultimately driving growth. PhonePe PG merchants will also gain access to this advanced security solution.
Rahul Chari, Co-founder & CTO, PhonePe, emphasized the significance of this launch, stating:“This initiative is a step forward in making digital payments more secure and seamless.
We plan to expand by integrating with more card networks and extending device tokenized cards to all PhonePe PG merchants. At PhonePe, we remain committed to innovation, security, and customer convenience, ensuring digital transactions are safer, faster, and frictionless for both businesses and consumers.”
With digital payments evolving rapidly, PhonePe’s device tokenization solution is set to redefine transaction security while offering users and merchants a safer, faster, and more seamless digital payment experience.