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 a 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.
Here are some other tokenisation solutions launched in recent times:
- PayU- ‘PayU Token Hub’
- CCAvenue- ‘TokenPay’
Important takeaways for all competitive exams:
- CEO of Phonepe: Sameer Nigam
- Headquarters location of Phonepe: Bengaluru, Karnataka.