PhonePe tokenises 14 mn cards ahead of RBI's deadline of Sept 30

PhonePe said it is working with three major card networks, Visa, Mastercard, and RuPay, to meet the regulator's tokenisation deadline of September 30.

PhonePe on Thursday said it has tokenised 14 million credit and debit cards on its platform in line with the Reserve Bank of India’s (RBI) mandate for information security.

The Walmart-backed company said it has tokenised more than 80 per cent of its active users’ cards since it started the exercise in December 2021. Tokenisation replaces an actual card number with an alternative code called the ‘token’. A tokenised transaction is safer as the actual card details are not shared with a merchant during transactions, reducing the chance of information leakage.

PhonePe said it is working with three major card