On Monday, Google has announced the introduction of NFC based Tokenization service for the convenience of users. The company has rolled out this service across all its platforms. Google is working closely with Visa and banking partners for the Pay Tokenization Service.
There will be a lot of convenience with the new service
Simply put, Google Pay users will now be able to swap and pay with their debit and credit cards. Users will not have to physically share their debit or credit card details. Payments can be made through secure digital tokens attached on the card’s mobile number. In the era of Corona, this service of Google Pay can prove to be very helpful for users. Apart from this, Google Pay users will be able to pay at the Near Field Communication (NFC) enabled Point of Sales (POS) terminal using the Tap to pay (Tap-to-pay) feature. There will also be a facility for online payment.
Who will be able to use this service
Google’s new payment feature will currently be available only to Axis and SBI card holders. However, soon the new Google Pay feature will be available for debit and credit cards of the rest of the banks of the country.
How to use
To use Google’s service, users have to enable the tap and pay feature on the smartphone. For this, users will have to setup their time by putting their card details. OTP will come from the bank for users to add a card to the Google app. In this way, the feature can be used to pay at NFC enabled terminals after registration.
This service will also be available in offline mode
Google Pay business head Sajith Sivanandan said that we hope that the tokenization feature will encourage users to do secure transactions. In addition, this service will be expanded online as well as offline. However, at present, this feature is available for online payment only. According to the company, in the tap and pay feature of the smartphone, users will have to register the details of their card once. After this payment will be done through OTP. According to the company, this will also restrict bank fraud to some extent.