Google Pay soon launch Virtual Tokenized Cards For India

Google Pay soon launch Virtual Tokenized Cards For India

Google Pay brings tokenized cards to India to make debit, credit card transactions more secure Tokenized cards to be rolled out for Visa cards in next few weeks, with Axis bank, SBI, HDFC bank etc. Tokenized cards to be rolled out for RuPay cards, MasterCards soon.

you don’t need to enter the actual card number of your Visa card. Instead, a randomly generated token can be used to make the payment, if you choose to enable that, and those details will reach the seller or the merchant you are making the payment to. At no point do your actual card details get listed in the transaction, and once the payment is complete, this randomized token ceases to exist. This is great for security of the transactions, simply because these financial details cannot be potentially misused at some point in the future.

Google says that you can use this tokenization feature for any payments made via Google Pay, including scanning QR Payments.

Banks including HDFC Bank, Axis Bank, State Bank of India, Kotak Bank and Standard Chartered are already on board for Google Pay’s Tokenized Cards feature. While this is available for all Visa cards right now. Google says that MasterCard and RuPay cards will be supported in the weeks after this feature is rolled out for users.

A user will have to add a credit/debit card to the Google Pay app. Following that, the app will request a token to represent the card the user is trying to add, from the bank that has issued that card. After getting approval from the bank, the card would be saved in a tokenised form within the Google Pay app.

Tokenised cards on Google Pay eliminate the need of redirection to enter OTPs while making payments through cards. Also, transactions below Rs 2,000 won’t require a PIN on tokenized cards. Tokenised cards can be used on any NFC enabled devices & Bharat QR supported apps.