HSBC has announced a partnership with Google Pay. This partnership will allow HSBC credit cards to be used for contactless payments and stored in Google Pay.
"We are the first international bank in the country to go live with this capability. Our customers will benefit from the additional safety of using their mobile phone instead of the physical plastic card whilst shopping at merchant stores." Ramakrishnan S, Head-Wealth & Personal Banking at HSBC India.
Also, the partnership will enable secured tokenization of its credit cards which will allow payments using Gpay's platform for NFC (near field communications), QR Pay and in-app purchases.
Tokenisation allows payments to be made without sharing the card number, expiry date or security code. The card network would identify the card and process the payment based on the token number. This substantially reduces the risk of fraud.
"We believe that our partnership with Google Pay through tokenization will be critical in ensuring that the security of our customer's credit card details is not compromised." Ramakrishnan S, Head-Wealth & Personal Banking at HSBC India