Mastercard and Google today announced the rollout of tokenization that will enable Google Pay users to safely transact using their Mastercard credit and debit cards. Through tokenization, Mastercard cardholders can make payments through a secure digital token without having to share their credit or debit card details such as card number, expiry date, etc. with a merchant.
With this collaboration, Google Pay Android users can 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 a convenient registration, users will do 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. When making a purchase with a Mastercard debit or credit card using Google Pay, cardholders and merchants will enjoy a similar experience as a regular card-based transaction with enhanced safety and convenience.
Even if the cardholder’s mobile device is misplaced, details of the card still remain secure as they are stored as digital tokens. The token can be updated by the card issuer allowing lost, expired, or replaced cards to be automatically updated with the merchant.
„This simplifies the consumer experience and improves success rates by reducing the number of failed transactions on account of expired card details,” Mastercard said.
Commenting on the launch, Nikhil Sahni, Division President, South Asia & Country Corporate Officer, Mastercard said, “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. This initiative is an extension of Mastercard’s long standing collaboration with Google and will go a long way towards enabling India’s digital economy.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
