Advertisement
Monday, Aug 08, 2022
Outlook.com
Outlook.com

Mastercard Partners With Google Pay To Facilitate Tokenization Across India

Google Pay along with Mastercard will facilitate tokenization in India. Google Pay will enable scan features to make the payments easier for customers without saving card details.

Mastercard Partners With Google Pay To Facilitate Tokenization Across India
Mastercard Partners With Google Pay To Facilitate Tokenization Across India
outlookindia.com
2021-12-21T17:10:40+05:30

With just a couple of weeks left for the implementation of tokenization in India, Mastercard and Google today announced the rollout of tokenization that will enable Google Pay users to safely transact using their Mastercard credit and debit. The newly introduced process of tokenization will replace sensitive information with a unique set of characters. Thus, customers can do online transactions without saving sensitive card details like the card number, CVV and expiry date.

This collaboration will allow Google Pay Android users to scan and pay across all Bharat QR-enabled merchants, tap-and-pay, and make in-app transactions through their Mastercard debit and credit card. For registration, users will have to complete a one-time setup by entering their card details and their OTP to add their card on the Google Pay app.

Mastercard Digital Enablement Service (MDES) allows payment credentials to be securely tokenized and stored in mobile devices. Now, cardholders can make a purchase with a Mastercard debit or credit card using Google Pay, without saving the details on the app. In case the cardholders’ mobile device gets misplaced, details of the card still remain secure, as they are stored as digital tokens. Tokenization can also minimize the chances of failed transactions. Tokenization is absolutely free for users, who can tokenize any number of cards. However, only domestic cards fall under the current guidelines. Tokenization is not applicable to international cards as of now.

“Tokenization enables an additional layer of security for payments, which reduces friction and improves the shopping experience. It will redefine the current payment ecosystem by enabling a safe experience for the consumer and facilitate millions of mobile- first users from remote locations in migrating towards a cashless society,” said Nikhil Sahni, Division President, South Asia & Country Corporate Officer, Mastercard.

“We are excited to collaborate with Mastercard for card tokenization which will offer users state-of-the-art security for card payments. This is already live for several credit card issuers on Mastercard, and we are working closely with other banking partners to further expand the adoption of tokenization in India. We are hopeful that the added simplicity and convenience will make an ever-larger base of users feel secure in making more payments digitally” said Sajith Sivanandan, Business Head, Google Pay.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement