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HomeBuisnessMastercard launches MDES tokenization service for banks in India Pi News

Mastercard launches MDES tokenization service for banks in India Pi News

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MDES Token Connect aims to provide a convenient and secure way for cardholders to transact online.  (Representative image)

MDES Token Connect aims to provide a convenient and secure way for cardholders to transact online. (Representative image)

MDES Token Connect is a consumer-facing platform that supports issuer-initiated tokenization.

Global payments and technology company Mastercard on February 12 announced the launch of MDES (Mastercard Digital Enablement Service) Token Connect in India to enable on-card and device tokens for debit and credit cards across issuing banks’ mobile and internet banking channels in India.

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Issuing banks can easily integrate their mobile and internet banking platforms with MDES Token Connect, enabling cardholders to securely transmit payment information to token requesters, 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.

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Gautam Aggarwal, President, Mastercard South Asia, said, “Mastercard shares the Reserve Bank of India’s commitment to strengthen the security of digital payments through device and card tokenization (CoFT). The MDES Token Connect platform aims to enhance the security of digital transactions by enabling cardholders to create and link tokens to existing debit and credit cards in various e-commerce and digital wallet applications seamlessly through issuer channels.

To improve the security of digital payments, the Reserve Bank of India has recently issued guidelines to enable tokenization through card issuing bank channels.

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