New Delhi: Giant IT company Google Pay to enhance the online payment experience in India it has entered two new partnership. It has partnered with card network company Visa and SBI Card. Google Pay users will get the benefit of Tokenization facility. Google Pay and NBA, business head Sajit Shivanandan said “We hope that the token facility will encourage users to transact safely and securely at the present time and expand both online and offline business transactions . ”
The google announced tokenization facility for India program in September last year and it is been implemented. Google has now become a full-fledged transaction platform similar to UPI platform. Earlier, payment was done from the UPI of the concerned bank, but now the customer will be able to pay with both the UPI and the card after saving their card details in it.
What is Tokenization?
The 16 digit number on the card is the identity of the customer. Visa stores it in a wallet, changing it to a 16-digit random number. After this, the customer tries to make payment with the card, then Visa shares the token number by not telling the merchant the actual number, this makes the payment more secure. The confidentiality of the the card number is maintained.
How does this work in Google Pay?
• With the help of one time password (OTP) in Google Pay, the card can be stored in token format.
• To make payment, open Google Pay and select Card for Transaction.
• Authenticate with one time password and payment will be made.
• There is no need to share sixteen digit card, CVV number and expiry date every time.
• This makes offline merchant payment, bill and e-commerce payment and it is also safe.
Customers have to pay from their mobile phones, which should be NFC (Near Field Communication) enabled. The mobile phones with such features are owned by very few users in India, so the token payment in India is not much in market. An advantage in Google Pay is that any user can pay through the card after scanning the QR code.
How and where will you get the benefit of this facility?
It can be used in all business establishments that accept digital payments in India. Initially, the cardholders of Axis Bank and SBI can take advantage of this, later it will also be linked to other banks. SBI Bank is the major partner, so transactions will be opened with credit card also. It can be accepted at 25 lakh trading points, out of which 15 lakh is India QR code.
This will make it a fully digital payment platform directly from the UPI platform on Google. Customers will be able to use debit or credit card on Google Pay. This will also create new business opportunities for Google. Along with it, it will open new merchant locations for Google Pay. However, it is trying to encourage merchant payments on the app through multiple partnerships. Google wants to emerge as a comprehensive financial services player.