Mastercard’s stated mission is to make payments safe, simple and smart. Through our tokenization offerings, we are working to make contactless payments as simple as washing hands with soap – an act that’s effortlessly practiced by individuals across the globe, multiple times a day.
With a growing smartphone ownership and cheaper 4G data, consumers are increasingly adopting mobiles as a form factor for 3 Cs – Communication, Content and Commerce. Mobile phones are being used to originate a majority of e-commerce transactions in India, helping propel the industry to $100 billion mark by 2020.
We, at Mastercard, understand the consumer sentiment that digitized payments must come with assurance of additional security. Our tokenization platform MDES (Mastercard Digital Enablement Service) allows consumers to securely store and use their payment credentials (credit, debit and pre-paid cards) on their mobile phones through ‘tokenization’ process.
Using tokenization, the customer’s 16-digit card number is replaced by a unique alternate number (‘token’). The tokens are used for online transactions, in-app purchases and point-of-sale transactions (both contactless and QR), with Mastercard playing a key role in completion of the end-to-end transaction.
Through MDES, we provide consumers with the choice and flexibility to pay with their devices anywhere, at any time. The additional level of security of transactions is provided by DSRP (Digital Secure Remote Payments) along with tokenization. Mastercard’s tokenization solutions are live in almost 50 countries and enabled across 1,500 banks. The robust strategy of Mastercard is built on the foundation of choice with an eye on the future of digital transactions. We understand that the evolving technology should not only cater to one side of the transaction and instead heed to both consumers and merchants.
New technology also calls for greater awareness and for the future of security in the world of cashless transactions. We believe it is necessary to make consumers aware of the policies and functions of tokenization. As digitization takes over in innovative ways, our constant endeavor is and will always be to make the life of consumers and merchants a little easier and more secure with each passing day.