Global payments and technology company Mastercard on February 12 announced the launch of MDES (Mastercard Digital Enablement Service) Token Connect in India to enable card-on-file and device tokens for debit and credit cards through issuer banks’ mobile and internet banking channels.
Issuer banks can easily integrate their mobile and internet banking platforms with MDES Token Connect, thereby allowing cardholders to securely transmit payment details to token requestors, including online merchants, digital wallets, and e-commerce platforms, the statement said.
“MDES Token Connect aims to provide a convenient and secure way for cardholders to transact online,” the company added.
Gautam Aggarwal, division president, South Asia, Mastercard, said, “Mastercard shares the Reserve Bank of India’s commitment to reinforce digital payment security through device and card-on-file tokenisation (CoFT). The MDES Token Connect platform aims to bolster the safety of digital transactions, allowing cardholders to create and link tokens to their existing debit and credit cards across various e-commerce and digital wallet applications seamlessly through issuer channels.”
To improve digital payment security, the Reserve Bank of India recently issued instructions, allowing tokenisation through card-issuing bank channels.
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