Last year, Google Pay introduced a new feature called tokenization, that enabled direct card payments on the app via a Tap-to-pay feature for Axis Bank and Kotak Mahindra Bank. The feature now has expanded support to 4 more banks – SBI, IndusInd, HSBC and Federal Bank.
Tokenization enables users to safely make payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. To set it up, users will have to do a one-time setup on the app where they need to enter their card details. An OTP will be sent from the bank and upon verification, the card will be added to Google Pay.
Tap-to-pay will be available at over 2.5 million Visa merchant locations, and users can also scan and pay at more than 1.5 million Bharat QR enabled merchants.
Commenting on the addition of these 4 banks, Sajith Sivanandan, Business Head- Google Pay and NBU – APAC said:
We are hopeful that the tokenisation feature will further encourage users to transact securely and safely in the current times and expand merchant transactions both online and offline. The addition of SBI and Federal debit cards, IndusInd Bank debit and credit cards and HSBC credit cards helps extend this offering to millions of card users on the Visa network. We are working closely with other banking partners to further expand the adoption of card-based payments with tokenisation in India.