SBI Card and Mastercard announced the launch of contactless payment in the SBI Card App. The highlight of the new app is that the users can make contactless payments at the PoS terminal. SBI Card claims to be the first card issuer to use Mastercard Digital Enablement Service (MDES), which enables payment credentials to be securely tokenized and stored on mobile devices.
SBI Card Mastercard cardholders can use the facility by installing the SBI Card app on the mobile, users can make contactless payments of up to Rs. 2000 at the point of sale terminal. For purchases more than Rs. 2000 they need to enter the card PIN. Tokenisation provides high security to the users’ credentials. It also renders trust to consumers as the card details are not shared with the seller. The Mastercard users have to install the latest version of the app, and simply unlock the app and bring it near the contactless PoS terminal and pay the bill. Contactless payment methods are much needed during these days, going ahead many of these new practices are expected to prevail.
Mastercard conducted a survey to understand Indian consumer sentiments towards contactless payments. As per the survey, 54% of the respondents said they know how to use contactless payments at the PoS terminal, and 75% among them said that going ahead they would continue to use it while making purchases. After the outbreak of COVID-19, the use of contactless and digital payments increased. The experts believe that it has emerged as the safest mode of payment as there is very little contact between the merchant and the buyer.
Ashwini Kumar Tewari, MD, and CEO of SBI Card on the launch said that the rise in use of contactless payments over the past few months, and prevailing conditions further accelerated the pace of adoption of retailers and consumers. The company claimed that they provide a faster, safer, and convenient digital payment method to its users. He added that the tie-up with Mastercard is another step towards providing convenient digital payments option to consumers.
Porush Singh, Division President, South Asia of MasterCard, said that safer and secure payment options that are quick and convenient to users are the core to growing India’s digital economy. The company is confident that the SBI Cardholders will get to experience superior mobile-based payments service. In times like these, when people are more into touch-free payment options that are safer and secure, the company is willing to go a long way in driving contactless payments.
