Google Pay, MasterCard Join Forces For Tokenization In India: How Will It Work?

On Tuesday, Mastercard and Google announced the launch of tokenization, which would allow Google Pay users to safely use their Mastercard credit and debit cards.

“At Google Pay, our endeavour 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. 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 and 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.”

Speaking about the latest collaboration, Sajith Sivanandan Business Head: Google Pay and NBU – APAC said,

Mastercard And Google Pay Come Together To Launch Tokenization In India

 A MasterCard holder doesn’t have to share the credit or debit card information with a retailer. The cardholders can directly make payments using a secure digital token!

So what Google Pay Android users can do is, they may scan and pay at all Bharat QR-enabled merchants, tap-and-pay, and complete in-app transactions using their Mastercard debit and credit cards, according to the announcement.

 But users have to complete a one-time setup to add their card to the Google Pay app by inputting their card details and their OTP.

The Collaboration Will Offer State-Of-The-Art Security For Card Payments

“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. We are hopeful that the added simplicity and convenience will make an ever-larger base of users feel secure in making more payments digitally,” he said.

“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,”

Nikhil Sahni, division president (South Asia and country corporate officer) at Mastercard.