News Update

To Ease Online Payments Google Pay Ties Up With More Banks

• ByStartupStory     |    June 17, 2021

Google Pay ties up with more banks, which includes leading Indian banks like State Bank of India (SBI) to provide tokenized card payment services to customers of its Unified Payments Interface (UPI) app. The process of, Tokenization will let users make smooth debit or credit card payments and ofcourse through a secure digital token attached to their phone without actually sharing their card details. This is a welcome move as the National Payments Corporation of India (NPCI), which owns and operates UPI, has limited a 30 % market share for third-party UPI apps.

Google Pay already links debit cards from SBI, IndusInd Bank and Federal Bank, and credit cards from IndusInd Bank and HSBC India to its tokenised version.The payments app already allows customers of banks like Kotak Mahindra , Axis Bank along with SBI card holders to make tokenised payments by linking their cards within the app, now as Google Pay ties up with more banks it only helps in the cause 

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