GOOGLE PAY EXPANDS ‘CARDS TOKENISATION’ WITH SBI, INDUSIND BANK, HSBC AND FEDERAL BANK IN INDIA

Google Pay had introduced its NFC-based tokenized contactless payment for Android users in September 2020. This feature allows users to make payments by a secure digital token attached to their phones. This lets users avoid making physical debit or credit card payments. Now, Google Pay has expanded this feature by partnering with more banks, including SBI and HSBC Bank.

Google Pay app will now support debit card payments by SBI, IndusInd Bank, and Federal Bank and credit cards by IndusInd Bank and HSBC. Before this, the tokenization was available with Kotak Mahindra Bank, SBI Cards, and Axis Bank in India. Online merchants like Myntra, Yatra, Dunzo, and many others can also use this feature.

To use this feature, the user’s phone must be Near-field communication (NFC) capable. To enable this tap and pay” feature, users will have to do a one-time setup by entering their card details and generating an OTP. After registration, users can use this feature to make payments at any NFC-enabled terminal.

The card tokenization feature supports mobile recharges, bill payments, insurance payments, and so on. Users can also scan and pay the Bharat QR-enabled merchants.

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