MasterCard has taken another step in helping businesses get their payment cards up to speed with the digital era.
MasterCard announced yesterday (Oct. 14) that it will provide its tokenization services to commercial card issuers in order for corporations and businesses to load payment cards onto digital wallets. This change, made possible because of the MasterCard Digital Enablement Service, will allow tokenization for consumer credit, debit and prepaid cards, as well as small business and commercial cards.
“Digitizing commercial payments will help make business travel even more convenient without sacrificing any of the core controls and value,” said Sachin Mehra, executive vice president of Global Commercial Products at MasterCard. “We’re committed to ensuring all MasterCard cardholders can use their cards when, where and how they want in a simple and secure manner.”
MasterCard Digital Enablement Service supports NFC payments made at the point of sale terminal, along with mobile app purchases. Transactions are secured using industry-standard EMV cryptography.
In other recent news, MasterCard announced the launch of MasterCard Digital Enablement Express, a powerful complement to its MasterCard Digital Enablement Service platform in September. The Express program provides a simple way for digital commerce providers – aka token requestors – to help cardholders conduct safe and secure commerce using MasterCard account credentials on any number of connected devices.
Express provides a consistent, rules-governed set of default terms for using MasterCard’s comprehensive token services platform. Commercial terms, operating rules, program eligibility security, testing, certification and acceptable use of assets like customer data are standardized, thus eliminating the need for token requestors to negotiate individual contracts with issuers.
Express program launch participants include Capital One, Fifth Third Bank, and Key Bank. Android Pay and Samsung Pay are among the first digital partners to participate in the program.
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