Fintech major PhonePe on Monday announced the launch of a device tokenization solution for credit and debit cards. Users will be able to tokenize their cards on the PhonePe App, and use the card tokens seamlessly across all use cases on PhonePe. With tokenized cards securely linked to devices, fraud risks from stolen or leaked card details are also significantly reduced, giving consumers an extra layer of security and boosting consumers’ confidence in online payments. The company plans to expand this offering by integrating with more card payment networks and enabling access to the device tokenised cards to all PhonePe PG merchants,’ said Rahul Chari, Co-founder and CTO, PhonePe, in a statement. The launch will be a step forward in making digital payments more secure and seamless, said the company. The announcement was made at an event in New Delhi, India, held by the Indian Chamber of Commerce and Industry (ICCI) on February 17. The event was also attended by the Prime Minister of India, Narendra Modi.
