This is the first time a credit card issuer will use MasterCard’s tokenization platform.
MasterCard and SBI Cards and Payment Services Limited (SBI Cards) have announced the introduction of contactless payments on the SBI Card app. This is the first time a credit card issuer will use MasterCard’s tokenization platform. Under this service, payment credentials mobile devices will be stored safely and SBI MasterCard holders will not need to physically carry the card. They will be able to transact at any contact point of sale (POS) through their mobiles. Cardholders will be able to pay up to 2 thousand rupees on mobile with just one click. To pay more than this, they will have to enter their card PIN at the terminal.
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In this way, take advantage of tokenization feature
This feature of tokenization gives consumers high security and confidence as it allows purchase without giving the actual details of the card to the merchant. This feature can be used in this way.
- SBI card Mastercard holders will have to install the latest version of the app on their mobile once.
- One-time registration will have to be done on this app.
- Once registered, the cardholders will just have to unlock their phone screen and take it to the contactless POS terminal.
Covid-19 increased contactless payment
The practice of contactless payments has increased due to the corona epidemic because it is safe and will have at least physical contact between the merchant and the customer. According to a recent survey conducted by MasterCard, 54 percent people are aware of the use of contactless cards on PoS machines and 74 percent people say that they will continue to pay in digital or contactless mode. According to one estimate, contactless and digital payments will continue even after the corona epidemic is over.
