Mastercard and Google Pay are teaming up to launch tokenization that will enable users in India to make payments using a secure digital token without the need to share debit or credit card information, according to multiple reports.
Google Pay Android users can scan-and-pay across all Bharat QR-enabled merchants and tap-and-pay with their Mastercard debit and credit card for in-app transactions. To register, users must do a one-time entering of their card information on the Google Pay app.
See also: Cashfree Launches Tokenization Tool Ahead of RBI Deadline
With Mastercard Digital Enablement Service (MDES), payment credentials are securely tokenized and stored in mobile devices. Purchases made with a Mastercard debit or credit card using Google Pay get elevated security with no change in the buying experience.
Even if someone loses their mobile device, the card information stays secure since the information is stored as digital tokens. The token can be automatically updated by the card issuer with the merchant if a card is lost, expired or replaced. This process lowers rejected transactions and makes the customer experience easier.
Read more: Google Pay Bolsters Mobile Payment System With New Bank Additions
“At Google Pay, our endeavor is to simplify payments and make it accessible to as many users as possible — one key pillar in making this a reality is to offer the highest levels of security for every transaction with the help of technology,” Sajith Sivanandan, business head, Google Pay and NBU-APAC, said in a statement.
“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,” Sivanandan added.
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