According to the press release, to benefit from the solution, customers with an Android smartphone have to register their SBI Credit Card on the SBI Card mobile application. This creates a virtual card on their mobile phone for their physical credit card.
Thereafter, customers can make payments at merchants simply by unlocking their mobile phone screen using fingerprints, the screen lock facility or an MPIN and tapping the phone at a Near-Field-Communication (NFC) POS. This simple ‘tap and pay’ contactless process makes the card payments swifter, and more hygienic for customers.
Furthermore, Mastercard Digital Enablement Service (MDES) will allow payment credentials to be securely tokenized and stored in mobile devices. Hence, while executing a transaction, a digital token is shared and the customer’s actual card information is masked, thus securing the transaction. In case the customer’s mobile device is misplaced, details of the card remain secure, as it is stored as digital tokens.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now