CURRENT AFFAIRS

Detailed explanation-1: -Mastercard’s partnership with payment aggregators like Juspay, PayU, Razorpay, BillDesk, and Paytm has already made it possible for a large number of merchants to process token-based transactions. “Mastercard is pleased to help facilitate the timely rollout of card-on-file tokenization in India.

Detailed explanation-2: -Mastercard and Google Pay come together to facilitate tokenization for card-based payments across India. Mastercard and Google today announced the rollout of tokenization that will enable Google Pay users to safely transact using their Mastercard credit and debit cards while enjoying a hassle-free experience.

Detailed explanation-3: -The Reserve Bank of India’s (RBI’s) card-on-file tokenisation rule is all set to kick in from October 1. Under the new norm, the central bank has made it mandatory for all credit and debit card data used in online, point-of-sale, and in-app transactions to be replaced with unique tokens.

Detailed explanation-4: -“Mastercard is pleased to help facilitate the timely rollout of card-on-file tokenization in India.

Detailed explanation-5: -Q: What is tokenization? A: Tokenization is the process of replacing a card’s primary account number (PAN)-the 16-digit number on the plastic card-with a unique alternate card number, or “token.” Tokens can be used for mobile point-of-sale transactions, in-app purchases or online purchases.