- Google India hosted events in Delhi, India
- Google India introduced some ver pathbreaking functionalities
- Google India introduced Tokenized virtual payment system integrated with google pay
Google pay is one of the biggest payment platforms by volume in India, with 67 million monthly active users in India. And today it has hosted events in Delhi, India where new major updates were introduced. A new set of updates include tokenized cards for more secure payments, food delivery, Google Pay for Business, e-KYC and simpler Onboarding, donations and the new Jobs Spot.
Introducing Tokenized Cards on Google Pay, that use a virtual number instead of your VISA card number during transactions. This ensures that no sensitive information is shared and makes payments more seamless. #GoogleForIndia pic.twitter.com/cWE3sC6lns
— Google Pay India (@GooglePayIndia) September 19, 2019
[su_heading size=”27″ margin=”0″]What is Tokenized Cards?[/su_heading]
Credit card tokenization is the process of completely removing sensitive data from a company’s internal network by replacing it with a randomly generated, unique placeholder called a token. For instance, if a card number was 1234 5678 8765 4321, it would end up looking something like E67TY8GQ27X. This token is used to access, retrieve, and maintain a customer’s credit card information to ensure a higher level of security for both the customer and your business. Since after transaction the virtual token vanished, so there is no point of fraud and your card data is completely safe. It is even safer than an end to end encryption.
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This is not very new technology but perhaps the first time for Indians. Google will roll out this functionality on Google Pay for Visa cards by HDFC, Axis, Kotak, and Standard Chartered banks, in coming weeks and it would extend the support to cover Mastercard and Rupay cards in the coming months.
This is a very revolutionary technology making the digital transaction more secure and also this can give a boost to Google pay in India. Since all cards are not supported so still there is some limitation but it will be sorted out in the coming months. So we must wait for this technology to spread and see how this technology will strengthen this digital payment system.