Mastercard and SBI Cards & Payment Services Ltd has 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 Mastercard’s tokenization platform, Mastercard Digital Enablement Service (MDES), that allows payment credentials to be securely tokenized and stored in mobile devices.
SBI Card Mastercard cardholders need not carry physical cards and can transact at any contactless point of sale terminal using their mobile.
The cardholders can enjoy the benefit of paying upto INR 2,000 with just a tap on their mobile and for payments above INR 2,000 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 one’s wallet but also securely on one’s 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 India’s digital economy. With the newly launched contactless payment feature on SBI Card mobile app, Mastercard is strengthening the long-standing partnership with India’s 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.”
