India Mastercard Introduces Tender

Mastercard and SBI Cards Payment Services Ltd. SBI Card today announced the launch of contactless payments on the SBI Card app. This is the first-ever app of a credit card issuer in India to use Mastercards tokenization platform Mastercard Digital Enablement Service MDES that allows payment credentials to be securely tokenized and stored in mobile devices. With this service in place SBI Card Mastercard cardholders need not carry physical cards and can transact at any contactless point of sale terminal using their mobile. So the cardholders enjoy the benefit of paying upto INR 2000 with just a tap on their mobile and for payments above INR 2000 they will need to enter their Card PIN on the terminal.This feature is based on tokenization which provides high security and trust to consumers as the actual card details are not shared with the merchant. SBI Card Mastercard cardholders will have to do a one-time registration of their card on the latest version of their mobile app. Once registered they can complete payments simply by unlocking their phone screen and bringing the mobile near the contactless PoS terminal.Sharing his perspective on the launch Mr. Ashwini Kumar Tewari MD CEO SBI Card said Use of contactless payments has been on the rise over past few months prevailing conditions have further accelerated the pace of adoption by merchants and consumers. Driven by customer centricity we at SBI Card are committed towards making life simpler and better for our consumers. Today our credit cards can not only reside in ones wallet but also securely on ones mobile too thus offering a faster convenient and more secure card payments experience. This collaboration with Mastercard is one more step in the direction of bolstering efforts to offer convenient digital payment options to consumers.Commenting on the launch Porush Singh Division President South Asia Mastercard said Safety and security combined with quick and convenient payment experience is at the core of growing Indias digital economy. With the newly launched contactless payment feature on SBI Card mobile app Mastercard is strengthening the long-standing partnership with Indias largest credit card only issuer. Mastercard is confident that the service will pave the way for a superior mobile-based payment experience for SBI Card cardholders. It will also go a long way towards driving contactless payments especially in a time when people prefer touch-free transactions in a safe and secure manner.Ever since the outbreak of Covid-19 contactless payments have emerged as the safest way of making payments as they are more secure and require minimum physical contact between the merchant and customer. According to a recent survey conducted by Mastercard to understand the Indian consumer sentiment towards contactless payments over 54 of the respondents said they are aware how to use a contactless card on a PoS machine and 74 of the respondents said they will continue to make purchases digitally or via contactless mode in the coming times. Indias payments system will also likely benefit from the uptake of contactless and digital payments in the post-COVID-19 world.