SBI Cards launches contactless payments facility through App in collaboration with Mastercard – ET BFSI

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Mastercard and SBI Cards & Payment Services launched a contactless payments feature for the latter’s customers on its app. Mastercard in a statement said the facility was the first-ever app usage by a credit card issuer in India, of its tokenization platform, the Mastercard Digital Enablement Service (MDES), which allowed payment credentials to be tokenized and stored in mobile devices.SBI Cards customers through the facility can transact at contactless point of sale terminals using their mobile, eliminating the need for a physical card. The card issuer said cardholders could tap on the point of sale device for a transaction of upto Rs 2000, whilst transactions higher than Rs 2000 would require a pin.

Mastarcard in a statement said “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,” adding “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.”

Ashwini Kumar Tewari, MD & CEO, SBI Card, on the facility 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,” Tewari further said “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.”Mastercard’s South Asia Division President, Porush Singh, further added “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.”

Mastercard in a recent survey conducted to understand consumer sentiment towards contactless payments said, 54% of respondents were aware on using contactless cards on PoS machines whilst 74% respondents would further continue to make purchases digitally, or through contactless modes.

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