On September 21, 2020 Inorder to enable customers to use their SBI Credit Cards to make card payments using the Google Pay app on their Android smartphones, SBI Card(legally- SBI Cards and Payment Services Limited) has collaborated with Google.
The launch is in accordance with the endeavour of SBI card to promote zero contact, digital forms of payments for a safe and enhanced customer experience.
Payments can be made in 3 modes using Google pay namely:
- Tap-and-pay at Near Field Communication (NFC) enabled point-of-sale terminals.
- Scanning Bharat QR code at the merchant.
- Online payments.
i.The feature is currently available for SBI Credit Cardholders on Visa Platform.
ii.Through Tokenization a highly secure payment experience is enabled.
Google Pay in Collaboration with Visa and Banking Partners Rolled out Tokenisation
On September 21, 2020 Google Pay has rolled out tokenisation across its platform in collaboration with Visa and banking partners. It will enable users to safely transact with their cards and use Tap-to-pay feature on NFC-enabled Point of Sale (POS) terminals and online merchants.
Significance of Tokenisation
Google Pay Android users with tokenisation can use their debit or credit card to make payments through a secure digital token linked to their phone, without sharing the card details with merchants.
i.Currently this feature is available to all the users of Axis and SBI Card. It is likely to be available to kotak and more banks shortly.
ii.The feature also works with online merchants and provides more native and seamless One-Time Password (OTP) experiences without any redirects to 3D secure sites.
i.Google pay with this feature can enable NFC-enabled Android devices to make contactless payments at over 2.5 million Visa merchant locations.
ii.It will allow users to scan and pay at more than 1.5 million Bharat QR enabled merchants and the customers can pay bills and recharges from the Google Pay app using their card.
Recent Related News:
Innoviti Payment Solutions Pvt. Ltd.(Innoviti) and Visa have partnered to develop an installment platform, which will enable the issuers to extend credit to their cardholders at face-to-face Point of Sale(PoS) in India. The installments platform with the suite of platform capabilities leveraging Innoviti’s uniPAYNEXT platform and Visa’s APIs, provides shoppers the ability to choose how they pay during the purchase.
About SBI Cards and Payment Services Limited(SBI Card):
It was formerly known as “SBI Cards and Payment Services Private Limited”
Headquarters– Gurgaon, Haryana.
Managing Director(MD) and Chief Executive Officer(CEO)– Ashwini Kumar Tewari(Succeeded Hardayal Prasad)
Headquarters– California, United States
CEO– Sundar Pichai