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Idea Bank launched a tokenization service with Mastercard and Google Pay.

Idea Bank, in partnership with Card Technologies and Systems Ltd., has launched into production mode a new service for its Mastercard cardholders. All customers of Idea Bank who use Mastercard payment cards and Android smartphones are able today to pay for purchases and services contactless, using Google Pay service on their mobile and wearable devices. It was made possible by the FASTTACK solution developed by CTS Ltd. and installed at the bank.

Google Pay is a global payment service that allows you to shop with mobile devices using NFC technology. Such devices are smartphones, Android tablets, or smartwatches.

The Mastercard offers this service using the global tokenization platform Mastercard Digital Enablement Service (MDES). The platform helps turn connected devices, such as a smartphone with an NFC chip, into a secure payment tool with a special encrypted key - a token.

Today it is the second project of Idea Bank in cooperation with CTS Ltd. to introduce tokenization services for global wallets. The first project was implemented in December 2019 with a partnership with VISA payment system and Google.