Starting today, „Mastercard will extend the Google Pay service to cardholders across Austria, Bulgaria, Estonia, Greece, Hungary, Latvia, Lithuania, Netherlands, Portugal, and Romania together with its issuing partners,” according to the press release.
With Google Pay, users with eligible Android devices will be able to make secure, fast and convenient purchases in stores and online. Furthermore, this will also give them the option to use their phones to make contactless payments.
Mastercard will provide this service in cooperation with various issuers and fintechs including but not limited to Banca Transilvania, Bunq, CEC Bank, Curve, LHV Pank, Monese, N26, Paynetics, Revolut, Swedbank, Unicredit Bank Romania, and Viva Wallet.
Following the start of the pandemic, contactless transactions have jumped to nearly 80% across Europe. As consumers began to use less cash, many embraced contactless as a safe, convenient and quick payment option – a change that is expected to stand the test of time.
“More than ever, people are keen to use simple and secure solutions to pay online and contactless in stores. Thanks to the close collaboration with Mastercard, cardholders of participating partners in 10 new European countries will be able to use Google Pay through their respective mobile banking apps. We hope everyone will enjoy the benefits that come with using their Android phone to pay in millions of places around the world” added Florence Diss, Head of Payments Partnerships, Google.
To be able to use Google Pay in these new markets, Android users can simply select the ‘Add to Google Pay’ button within the participating mobile banking apps in order to add their Mastercard to Google Pay. After adding their Mastercard, they will be able to access all the benefits that come with Google Pay via their banking app.
Once the card has been added to Google Pay, users can use their phone to tap and pay wherever contactless transactions are accepted, such as in a store or for public transport. Neither Google Pay or the mobile banking app need to be opened for this, nor is an Internet connection required.
People can tap and pay with the device that’s already in their hands without the need to take out their wallet or use a pin pad. Additionally, people can go over the predefined contactless transaction limit simply by unlocking their phone before making the payment.
While bringing convenience, linking a Mastercard card with Google Pay brings an added layer of security via Mastercard’s “Tokenization” technology. Mastercard’s platform protects cardholder information by replacing account numbers with a unique alternate card number, or “token.” Tokenization reduces fraud related to digital payments by making transactions more secure by including a dynamic component with each payment. When the consumer uses their mobile device in a transaction, it is the token and not the real card number that is provided to the shop.
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”