FinTech: Mastercard And Google Pay Team Up To Offer Tokenized Card Payments In India

December 22, 2021 | FinTech, News

Tokenization allows cardholders to make payments without revealing card details to a merchant. The transaction is routed through a secure digital token on their phones.

Through a tie-up between Mastercard (NYSE: MA) and Google Pay for tokenized card services, Google Pay users can now pay safely through Mastercard debit and credit cards. G-Pay users can also use tap-to-pay at POS terminals and online, as well as make in-app purchases through the Mastercard cards. (CNBC-TV18)

Users can onboard their Mastercards for the tokenization service by registering their cards on the Google Pay app through entry of card details and verifying an OTP. The Mastercard Digital Enablement Service (MDES) allows payment credentials to be securely tokenized and stored in mobile devices as a digital token. The card issuers can automatically update these tokens when lost or expired cards are replaced. This lowers the chances of a failed transaction.

“We are excited to collaborate with Mastercard for card tokenisation which will offer users state-of-the-art security for card payments,” Sajith Sivanandan, business head of Google Pay, said in a statement.

The service is already live on several credit cards and Google is collaborating with other banks to expand the adoption of tokenisation in India, Sivanandan added.

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.”

Related Story: Mastercard And Verizon To Collaborate On 5G Contactless Payments

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