PhonePe introduces device tokenization for debit, credit card payments

PhonePe has launched a device tokenization solution for credit and debit cards, enabling users to tokenize their cards through the PhonePe app. This feature allows for seamless card token usage across various PhonePe services, including bill payments, recharges, travel bookings, insurance purchases, transactions on Pincode, and fees at online merchants using PhonePe's payment gateway.

For consumers, tokenization eliminates the need to save card details on merchant platforms or enter CVV codes for every transaction, leading to higher success rates and fewer checkout drop-offs. Additionally, the process enhances security by reducing the risk of fraud from stolen or leaked card details. Initially, users will be able to tokenize Visa credit and debit cards.​