Banks, EU – Baltic States, Financial Services, Legislation, Technology

With Google Pay, users with eligible Android devices will be able to make secure, fast and convenient purchases in stores and online. Furthermore, this will also give them the option to use their phones to make contactless payments.

Mastercard offers the service in cooperation with various payment card issuers and financial technology companies: Banca Transilvania, Bunq, CEC Bank, Curve, LHV Pank, Monese, N26, Paynetics, Revolut, Swedbank, Unicredit Bank Romania, Viva Wallet and others.

In Latvia, the service is provided by N26, Revolut, Curve, Monese and Swedbank.

According to Mastercard representatives, following the start of the pandemic, contactless transactions have jumped to nearly 80% across Europe. As consumers began to use less cash, many embraced contactless as a safe, convenient and quick payment option -- a change that is expected to stand the test of time.

To be able to use Google Pay in these new markets, Android users can simply select the 'Add to Google Pay' button within the participating mobile banking apps in order to add their Mastercard to Google Pay. After adding their Mastercard, they will be able to access all the benefits that come with Google Pay via their banking app.

Once the card has been added to Google Pay, users can use their phone to tap and pay wherever contactless transactions are accepted, such as in a store or for public transport. Neither Google Pay or the mobile banking app need to be opened for this, nor is an Internet connection required. People can tap and pay with the device that’s already in their hands without the need to take out their wallet or use a pin pad. Additionally, people can go over the predefined contactless transaction limit simply by unlocking their phone before making the payment.

While bringing convenience, linking a Mastercard card with Google Pay brings an added layer of security via Mastercard’s "tokenization" technology. Mastercard’s platform protects cardholder information by replacing account numbers with a unique alternate card number, or "token". Tokenization reduces fraud related to digital payments by making transactions more secure by including a dynamic component with each payment. When the consumer uses their mobile device in a transaction, it is the token and not the real card number that is provided to the shop.