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

Published on July 27, 2022
Current Context: Global card player Mastercard enables 2 lakh, online merchants, across the country with card-on-file tokenization.
Mastercard enabled 2 lakh merchants for card-on-file tokenisation
  • 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.
  • Static Knowledge:
    • Mastercard CEO - Michael Miebach

Question: 

Q.1 Mastercard has enabled how many merchants with card-on-file tokenisation?
a. 2 lakh
b. 5.5 lakh
c. 3 lakh
d. 4 lakh
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