Mastercard, RBL Bank, and Samsung India partner to offer contactless payments for credit cardholders
The partnership will allow RBL Bank Mastercard credit cardholders to make contactless mobile payments using their Samsung Pay-enabled phones.
Global card processing behemoth Mastercard, RBL Bank, and Samsung India on Wednesday announced the launch of Samsung Pay for RBL Bank’s credit cardholders.
The partnership will allow RBL Bank Mastercard credit cardholders to make contactless mobile payments using their Samsung Pay-enabled phones. These payments can be made via any PoS (Point of Sale) machine where a card can be dipped, swiped, or tapped, both in India and abroad. A physical card does not need to be present.
Mastercard Digital Enablement Service (MDES) allows Mastercard credit and debit cardholders to tokenise their cards and pay using their mobile phones, anytime and anywhere. Mastercard already offers safe and secure payments through tokenisation in nearly 50 countries across 1,500 banks. In India, consumers can use their mobile phones to make contactless payments of up to Rs 2,000.
“Contactless payments powered by Mastercard have the most potential where there are long lines and consumers cherish speed – such as grocery stores, transit turnstiles, fast food counters, parking garages, and fuel pumps. For these low-value but frequent transactions, contactless payments allow users to be on their way with just a tap, which is nearly 10 times faster than dipping their card," said Vikas Varma, Senior Vice President, Account Management, South Asia, Mastercard.
RBL Bank’s customers can easily add their Mastercard credit cards on Samsung Pay. Samsung Pay authenticates consumers through fingerprint, iris scan, or PIN.
Based on successful authentication, consumers can complete their purchases by simply tapping their devices on a compatible terminal. Every transaction provides consumers and retailers with all the benefits associated with a physical card, coupled with enhanced security through advanced cryptographic protocols.
"Samsung Pay uses tokenisation, which ensures that the actual card number is never used during the transaction, and instead, a token is used to keep card details completely safe and secure,” Sanjay Razdan, Senior Director, Samsung India, said.
In January, this year, keeping safety and security of payment systems in mind, the Reserve Bank of India (RBI) introduced tokenisation for debit, credit, as well as prepaid card transactions.
Elaborating on the partnership, Harjeet Toor, Head - Retail, Inclusion, and Rural Business, RBL Bank, said,
“Currently, RBL Bank has over two million Mastercard credit cardholders. Our partnership with Samsung India and Mastercard is a major step in this direction as it will immensely improve the user experience and safety of our credit cards.”
As India eyes more than two million NFC-enabled merchant acceptance locations by the end of 2019, this partnership will play an essential role in encouraging contactless payments nationwide, added Mastercard in a statement.
(Edited by Dipti Nair)
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.