Mastercard enabled 2 lakh merchants for card-on-file tokenisation

Current Context: Global card player Mastercard enables 2 lakh, online merchants, across the country with card-on-file tokenization.

RBI has mandated card-on-file tokenisation which replaces card number, and expiry date with an alternative code called 'token'. This will enable a safe and secure digital payments ecosystem.
Since December 2021 more than 200 million tokens have been created across networks including Mastercard.
Mastercard said since December 2021 it has partnered with 45,000 merchants, 34 issuing banks, 10 acquiring banks, and 30 plus token requestors to create 90 million tokens for its users.
Mastercard has partnered with payment aggregators like Razorpay, Juspay, PayU, Billdesk, and Paytm to enable merchants to process token-based transactions.
The number of merchants using tokenisation is expected to increase as RBI mandated deadline is on September 30.
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