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Mastercard enables more than 2 lakh online merchants
July 27, 2022
In line with Mastercard’s commitment to partnering with the government to enable a safe, secure digital payments ecosystem, the company has worked with over 45,000 merchants, 34 issuing banks, 10 acquiring banks and 30 plus token requestors (including all major payment aggregators), as well as services providers to create 90 million tokens for Mastercard cardholders since December 2021.
Card-on-file tokenization, as mandated by the RBI, replaces sensitive payment credentials of cardholder such as card number and expiry date with an alternate number which is called token. It inhibits entities in the transaction value chain from collecting and saving cardholders’ details, providing an additional layer of security that enhances consumer confidence and trust. Tokenization gives cardholders peace of mind that they can make secure, digital payments without having to worry about online payment fraud.
“Mastercard is pleased to help facilitate the timely rollout of card-on-file tokenization in India. Security, reliability, and convenience are the core tenets of a robust digital payment ecosystem. Tokenization brings these tenets to life by ensuring the security of cardholder data without compromising the convenience and ease of online shopping. It also helps merchants to enable a ‘one-click’ checkout experience, ensuring fast, seamless transactions for cardholders. Mastercard is supportive of the RBI’s mandate which will empower the larger merchant community and millions of cardholders to make rapid strides towards a less cash economy,” said Nikhil Sahni, Country Corporate Officer, India & Division President, South Asia, Mastercard.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/