Safe Transaction: Mastercard, Google Pay together roll out tokenization for card-based payments

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 without any hassles.

See Zee Business Live TV Streaming Below:

The Mastercard holders can now make payments without sharing their credit or debit card details such as card number, expiry date and other details with the merchants. But how? By making payments through secure digital token! This collaboration is a commitment to ensure the best-in-class user experience and security features in an increasingly digital first world.

 The Google Pay Android users must note that 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.

The Mastercard users who are wondering how the entire setup works must know that Mastercard Digital Enablement Service (MDES) allows payment credentials to be securely tokenized and stored in mobile devices. Now, while making a purchase with a Mastercard debit or credit card using Google Pay, the cardholders and merchants will enjoy a similar experience as a regular card-based transaction with enhanced safety and convenience.

Furthermore, 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.

While speaking about this collaboration, Sajith Sivanandan, Business Head: Google Pay and NBU - APAC said, "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."

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.”