India Leads Global Shift with Over 900 Million Tokenised Card Payments

India emerges as the world's most tokenised market for online card payments, boasting over 900 million payment tokens. Suresh Sethi, Visa's Group Country Manager, outlines the evolution of India's digital payments, highlighting the focus on trust and security amid a progressively secure regulatory environment and advanced authentication methods.

India has secured its position as the world's leading market for tokenised online card payments, surpassing 900 million payment tokens, according to Suresh Sethi, Group Country Manager for India and South Asia at Visa. The announcement was made during the launch of Visa Payment Passkey in Mumbai.

Sethi explained that the country's digital payments landscape has experienced significant growth, transitioning through three distinct phases. From financial inclusion efforts via the Jan Dhan-Aadhaar-Mobile (JAM) trinity to widespread digital acceptance fueled by UPI and tokenisation, India is now focused on bolstering trust and security in digital payments.

With the Reserve Bank of India's supportive regulatory framework, India has strengthened the security of digital transactions through tokenisation, pioneering alternative authentication methods beyond one-time passwords. Visa's newly introduced Payment Passkey allows secure transaction authentication using biometrics or device credentials, aiming to safeguard against OTP phishing.