MOSCOW, February 13. /TASS/. Russia is among the markets that are the most responsive to innovations, head of the Russian Representative Office of MasterCard Alexei Malinovsky told TASS in an interview on Tuesday.
"In 2016, MasterCard was the first to launch a tokenization platform in Russia. As a result, holders of MasterCard cards were the first ones among Russians to take advantage of Apple Pay and Samsung Pay global payment services. According to our data, Russia is the leading nation across the globe by the number of tokenized transactions," Malinovsky said.
Tokenization is a technology making it possible to safeguard contactless payments through use of a reliable data encoding system. No payment details are passed from the buyer to the merchant when paying by card. All the card information is encrypted and converted into a token, a key that looks like a random combination of characters.