MUMBAI : Mastercard and Google announced on Tuesday the rollout of tokenization that will allow Google Pay users to securely transact with 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 and expiration date, with a merchant. .
The release says Google Pay Android users can scan and pay at any Bharat QR-enabled merchant, tap-and-pay, and perform in-app transactions through their Mastercard debit and credit card. For registration, users will do a one-time setup by entering their card details and OTP to add their card to the Google Pay app.
Sajith Sivanandan, Commercial Director of Google Pay and Next Billion User Initiative (Asia Pacific), said: “At Google Pay, we strive to simplify payments and make them accessible to as many users as possible. to provide the highest levels of security for every transaction using technology. “
“We are delighted to be working with Mastercard on card tokenization, which will provide users with industry-leading 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. We hope that the added simplicity and convenience will allow an ever wider base of users to feel secure to make more payments digitally, ”he said.
According to Nikhil Sahni, Division President (South Asia and Country General Manager) at Mastercard, tokenization allows an additional layer of security for payments, which reduces friction and improves the shopping experience.
“It will redefine the current payments ecosystem by enabling a secure consumer experience and making it easier to migrate millions of mobile users from remote locations to a cashless society,” Sahni said.
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