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.