Global payments and technology company Mastercard announced on February 12 the launch of MDES (Mastercard Digital Enablement Services) Token Connect in India, providing card archiving and facilities for debit and credit cards through the issuing bank’s mobile and online banking channels Token.
Under MDES, banks can enable card archiving and device tokens for debit and credit cards through their mobile and online banking channels.
The statement added that issuing banks can easily integrate their mobile and internet banking platforms with MDES Token Connect, allowing cardholders to securely transmit payment details to token requestors, including online merchants, digital wallets and e-commerce platform.
“MDES Token Connect is designed to provide cardholders with a convenient and secure way to conduct online transactions,” the company said.
Gautam Aggarwal, President, Mastercard South Asia, said: “Mastercard shares the Reserve Bank of India’s commitment to enhancing digital payment security through Device and Card File Tokenization (CoFT). The MDES Token Connect platform is designed to enhance the security of digital transactions, allowing Cardholders seamlessly create and link tokens to their existing debit and credit cards across a variety of e-commerce and digital wallet applications through issuer channels.”
In an effort to improve digital payment security, the Reserve Bank of India recently issued a directive to allow tokenization through card-issuing bank channels.
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