Tokenized cards account for 80% of monthly active cards on the Paytm app.
Card-on-file tokenization is mandated by the Reserve Bank of India (RBI), which requires all online platforms to comply with the new initiative and make digital payments secure for citizens.
Mumbai: One97 Communication Limited, the firm that owns the Paytm brand and is India’s top digital payments and financial services provider, revealed today that it had achieved substantial headway in the RBI’s card-on-file tokenization effort. To make online card transactions safe and secure for users, the business has tokenized 28 million cards from VISA, Mastercard, and RuPay. Paytm will be able to erase stored card data ahead of the RBI deadline if it moves at this rate.
Tokenized cards account for 80 percent of Paytm app monthly active cards. It also provides consumers with more convenience through speedier checkout and success rates comparable to or higher than stored cards.
“Paytm is dedicated to safe and secure online payments,” stated Vijay Shekhar Sharma, Founder, and CEO of Paytm. RBI’s tokenization activities are a significant step forward for the sector. We understood the importance of tokenized cards and included them in the Paytm app. We anticipate tremendous success, which will go a long way toward bringing India’s payment system online while also making it trustworthy and safe for users.”
According to RBI standards, all online merchants/e-commerce businesses must comply with the card-on-file tokenization function by June 30, 2022.
About Paytm:
Vijay Shekhar Sharma created Paytm, India’s leading payment and financial services startup. Paytm is devoted to bringing half a billion Indians into the mainstream economy after pioneering mobile payments in India and launching the QR code payments revolution for every small store. Paytm’s app accepts digital payments from customers and allows retailers to accept payments via QR, Soundbox, PoS, and internet payment gateway. By integrating their product on the Paytm app, the company also enables commerce for small enterprises. Paytm, in collaboration with financial institutions, also provides financial services to its customers and merchants.
This press release is drafted by Prittle Prattle News
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