MasterCard's Digital Enablement Services just got another partner to extend its tokenization services to issuing banks.
MasterCard announced a deal with Giesecke & Devrient to use the MasterCard Digital Enablement Services along with C&D's Convego CloudPay solution. What this solution does is enable G&D to implement industry-standard tokenization technology for their issuer HCE wallets.
“We have pioneered mobile commerce innovations for years. Alongside G&D, we’re delivering a simple and secure digital payment experience that takes advantage of industry-standard tokenization technology,” said Sherri Haymond, senior vice president, Digital Payments & Labs at MasterCard.
This makes G&D the first third-party company to offer these tokenization services to issuing banks. This solution also offers issuers the ability to deliver a mobile payment experience to work at contactless-enabled POS terminals. Plus, the Convego CloudPay-enabled issuer wallet comes equipped with the security promises of a digital MasterCard transaction.
This is made possible through the provisioning process of payment credentials to the mobile device, according to MasterCard. This solution will also enable MasterCard cardholders to use their credit, debit and select prepaid and small business cards for in-store payments.
“This combined solution of MasterCard and G&D benefits all MasterCard issuing banks. Our cooperation with MasterCard enables us to provide the safety and security of MasterCard digitized credentials while meeting the payment credential provisioning and management needs of issuers,” said Edgar Salib, Group Senior VP of Financial Institutions division at G&D. “As global offering, we can offer the service for issuing banks that want to enable their own digital wallets in all countries where MDES is available."