Google Pay and Mastercard Tokenize Card-Based Payments

As great as Google Pay is when you make your payments in stores, it can become even more secure. That’s what the recent collaboration between Google and MasterCard is about. As they implement tokenization, Google Pay users start enjoying improved security because of another layer of personal data protection.

The meaning of tokenization lies in replacing the actual details of the user’s credit card with a token generated for mobile devices the card is tied to. That grants that Google pay users share tokens instead of actual card details. Being quite functional for this particular transaction, these tokens are completely useless for those trying to steal personal details. So, if hackers or other criminals somehow access the data archives of your favorite store at the corner, they won’t get anything they could have used against you.

This feature will also enable Tap-to-pay feature at both offline and online merchants. In addition, users will be able to make online transactions through Google Pay, enjoying all of its comfort and protection. Tokens are easy to replace as you change your cards. And if your device is stolen or lost and found, those persons will not be able to use your card through it, as they would be with a physical card.

If you already have a credit card by MasterCard and a Google account with Google Pay enabled, all you have to do is add your card to Google Pay. It requires entering your card details (number, expiration date, personal data) and OTP. These are exactly the details you have provided to the bank that issued your card (KYC, you know), so you don’t have to reveal anything you haven’t revealed before.

Implementation of this feature will also require partnering with banks, so it may take time before your card can be tokenized. By the way, is it already? Have you registered for tokenization? Is it more comfortable for you? Share your impressions in the comments, please!