HSBC India ties up with Google Pay and Visa for tokenization on its credit card

HSBC India has partnered with Google Pay(GPay) and Visa to provide a secured tokenization on its credit cards.

• Because of this partnership, contactless payments can be done by linking HSBC credit cards in Google Pay and it will help to avoid physical contact for payment.
• This is done based on the principle of NFC(Near Field Communication),QR pay and in-app purchase

Note:

The main objective of this partnership is to provide enhanced security and convenience for the card holders

Tokenization:

•         The process of replacing a card’s sensitive information like card number, expiration date, security code with a device-specific alternate code, or ‘Token’ is called Tokenization.
•         This process eliminates the need of sharing the card number,expiry date or security code by only sharing the token number specific to the card.

About HSBC India:

Chief Executive Officer: Surendra Rosha
Headquarters: Mumbai,Maharashtra

About Google Pay:

Parent company: Google
Founders: Sujith Narayanan and Sumit Gwalani