Mastercard has announced the launch of MDES Token Connect in India to support tokenization via mobile and internet banking.
According to Mastercard, MDES Token Connect was designed with a consumer-centric approach, supporting issuer-driven tokenization to offer cardholders a secure and convenient means of online transactions. Issuer banks can easily integrate their mobile and internet banking platforms with MDES Token Connect, enabling cardholders to securely transmit payment details to token requestors such as online merchants, digital wallets, and ecommerce platforms.
Benefits for issuers and token requestors include effortless integration through a single platform and seamless connectivity within the Token Connect framework, eliminating the need for multiple proprietary APIs. For cardholders, immediate access to digital card accounts upon approval, easy addition of new cards to preferred merchants and digital wallets, and enhanced security through tokenized payments for online, in-app, and in-store purchases are some of the most noteworthy advantages.
In the company press release, officials from Mastercard highlighted the company’s alignment with the Reserve Bank of India’s commitment to enhancing digital payment security through device and card-on-file tokenization. The MDES Token Connect platform aims to improve transaction safety by enabling cardholders to create and link tokens to their existing debit and credit cards seamlessly across various ecommerce and digital wallet applications through issuer channels.
This initiative is in accordance with the Reserve Bank of India’s recent instructions allowing tokenization through card-issuing bank channels, reflecting a shared commitment to advancing digital payment security.
What else has been going on with Mastercard?
In February 2024, Mastercard announced a partnership with the US Department of Commerce to help create the US AI Safety Institute Consortium (AISIC). In essence, AISIC aims to create new AI standards focused on trustworthiness. The consortium will comprise AI developers, users, and researchers from Fortune 500 companies, academic institutions, nonprofits, and other US government agencies.
The primary objective of AISIC will be to conduct research and offer guidance on AI safety issues, informing future standards and policies. Members will facilitate collaboration between the Commerce Department’s National Institute of Standards and Technology and the broader AI safety community to establish best practices, share insights, and track new developments.
In the same month, Mastercard joined up with the Egyptian Banks Company to support sustainable and inclusive economic activities while improving the digital payments landscape in Egypt. The collaboration marked a significant step towards supporting sustainable economic growth activities, further enhancing the digital payments landscape and driving inclusive economic development in Egypt.