The payment service allows users to make in-store payments without their cards. All they need to do is to tap their smartphones or wearable device at any contactless-enabled terminal.
The partnership allows the feature to use Mastercard’s Digital Enablement Service (MDES). It will also use Interswitch’s tokenization capability to replace primary accounts of numbers with tokens, thereby providing a seamless and secure experience.
How to use the Tap-to-Pay Service
To use this new feature, users will have to digitize their cards by following the instructions in their banking app. This allows them to tap to pay for service through the app.
What is Providus and Thales Group saying
Speaking on the partnership, Managing Director/CEO ProvidusBank, Walter Akpani said,
“Our collaboration with Mastercard and Interswitch to provide additional value through the mobile device is a strategy to leverage existing infrastructure while delivering simplified payment through their advanced digital and tokenisation services.”
Also speaking on the partnership, VP Sales Banking and Payments Service, Thales Group, Nassir Ghrous said,
“We are excited to bring our digital security expertise to bear in developing the tokenisation solution with Interswitch, Providus Bank and Mastercard. The solution also allows Providus cardholders to benefit from contactless payment via their mobile devices.”
You do not have to worry about fraud or scam. With EMV tokenization, the users’ actual 16-digit card number is protected from being exposed online during the transaction.
What is EMV Tokenization?
EMV tokenization enables tokens to be used in a payment transaction from point of purchase. It is then passed across payment networks between acquirers and card issuers through a payment authorization by the card issuer.
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