Tokenisation to Add more Muscle to Existing Digital Payments System by Making it safer, faster and more seamless than ever

From purchasing tickets for that blockbuster show to dining out with family in your favourite bistro, digital transactions have become an inevitable part of everyday life.

However, the rise in digital payments has also led to a surge in cyberattacks. Several reports suggest that India registered a 290% increase in cyberattacks during 2021. Taking cognizance of this upward trend, the Reserve Bank of India introduced card-on-file tokenisation that is directed towards safeguarding the interests of both consumers and merchants in India.

While adding more muscle to the existing digital payment system and enhancing the seamless customer experience, Mastercard is working towards promoting card-on-file tokenisation of Mastercard credit and debit cards.

Secure Digital Transaction, Guaranteed

Card-on-file tokenisation replaces the debit and credit card's primary account number (PAN) - the 16-digit number on the plastic card - with a unique alternative card number called token, which is then used in-app and for online purchases.

With card-on-file tokenisation, Mastercard cardholders can make payments through a secure digital token without having to share their credit or debit card details such as names, expiry dates and codes with the merchant. In short, your worries related to a data breach or leak are well taken care of.

Along with being secure and fast, it is a great step in the direction of enhancing the online shopping experience for cardholders. It lets consumers make transactions as before once they have saved and secured their debit or credit card. For the next purchase, all they have to do is enter the CVV and OTP and they are all set to shop, eat and binge, worry-free!

Gain the Mastercard's Tokenisation Edge

Tokenisation is a tried-and-tested technology globally that takes care of fraud related to digital payments by making transactions more secure in the way of a token with each transaction.

Merchants benefit from more secure transactions, as well as faster checkout experiences, new payment acceptance options, and more ways to sell. In return, a sure-shot measure against card data theft is suitably introduced.

3 Simple Steps for More Secure Online Shopping Experience

Step-1: Punch in your card details on merchant website or mobile app

Step-2: Agree to securely save your card

Step-3: Enter the one-time password (OTP) received via SMS

You are well on your way to a more secure online shopping experience.

Mastercard's Tokenisation Creates a Win-Win Scenario

Tokenisation introduces a win-win scenario for merchants as well as cardholders.

Instead of entering their card details again and again, consumers enter their details once and click to buy for future purchases.

In addition, it lowers the likelihood of a card data breach and reduces the payment card industry (PCI) compliance costs by securely storing cardholder data.

To sum it up, tokenisation protects any business and supports the reduction of compliance costs. For consumers, tokenisation makes shopping safe, quick and easy.

So save and secure your card, now - check out how Mahi does it!