Brief by Shorts91 Newsdesk / 01:19pm on 12 Feb 2024,Monday Business
Mastercard has introduced MDES Token Connect in India, facilitating card-on-file and device tokenisation for debit and credit cards through issuer banks' mobile and internet banking platforms. The service enables cardholders to securely transmit payment details to online merchants, digital wallets, and e-commerce platforms. Gautam Aggarwal, South Asia Division President at Mastercard, emphasized the platform's role in reinforcing digital payment security, aligning with the Reserve Bank of India's commitment to CoFT (Card-on-File Tokenisation). The initiative aims to enhance transaction safety by allowing users to create and link tokens seamlessly across various digital applications through issuer channels, in compliance with RBI guidelines.
