- 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
The main objective of this partnership is to provide enhanced security and convenience for the card holders
- 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
About Google Pay:
Parent company: Google
Founders: Sujith Narayanan and Sumit Gwalani