Mastercard unveils ‘MDES Token Connect’ to secure digital banking in India

By Gloria Mathias

Mastercard has announced the launch of MDES (Mastercard Digital Enablement Service) Token Connect in India to enable card-on-file and device tokens for debit and credit cards through issuer banks’ mobile and internet banking channels.

MDES Token Connect is a consumer-centric platform that supports issuer-initiated tokenization. It aims to provide a convenient and secure way for cardholders to transact online.

Issuer banks can easily integrate their mobile and Internet banking platforms with MDES Token Connect, thereby allowing cardholders to securely transmit payment details to token requestors, including online merchants, digital wallets, and e-commerce platforms.

Key Benefits for Issuers and Token Requestors:

• Effortless Integration: The platform offers single integration for issuers to streamline storing payment cards across token requestors.
• Seamless Connectivity: It allows seamless interaction within the Token Connect framework, eliminating the need for multiple proprietary APIs between issuers and token requestors.

Key Benefits for Cardholders:

• Immediate Access: Cardholders can instantly use their digital card account upon approval, even before receiving the physical card.
• Convenience: Easily add new cards to favoured merchants and digital wallets without manual input.
• Enhanced Security: Tokenized payments ensure secure transactions for online, in-app, and in-store purchases.

Gautam Aggarwal, Division President, South Asia, Mastercard, said, “Mastercard shares the Reserve Bank of India’s commitment to reinforce digital payment security through device and card-on-file tokenization (CoFT). The MDES Token Connect platform aims to bolster the safety of digital transactions, allowing cardholders to create and link tokens to their existing debit and credit cards across various eCommerce and digital wallet applications seamlessly through issuer channels.”

In line with the commitment to improving digital payment security, the Reserve Bank of India had recently issued instructions, allowing tokenization through card-issuing bank channels.