Consumers to benefit from increased security and convenience when using their MasterPass enabled bank-issued wallets
MasterCard has announced it will integrate a fully tokenised checkout experience within MasterPass, using the MasterCard Digital Enablement Service (MDES). This will give consumers the freedom to shop more securely online or in-app from any connected device.
MasterPass enables issuers to deliver digital payments across channels and devices around the world, seamlessly extending the trusted relationships consumers have with their banks. It securely stores shoppers’ preferred payment and shipping information, which makes checkout just a few clicks away, with no long strings of numbers or details to enter, said MasterCard.
The ‘Buy with MasterPass’ button is currently found within the website and apps of more than 250,000 merchants globally across travel, entertainment, quick service restaurants, retail and more.
At the request of issuers enabling MasterPass for their customers, MasterCard will replace the personal account numbers (PAN) for consumer credit, debit, commercial and prepaid cards stored in MasterPass with a secure token, a new 16 digit number that represents the existing PAN on the front of a payment card. Tokens are unique to each bank-connected MasterPass wallet and carry EMV-based security protection that provides additional peace of mind for consumers and merchants alike.
The tokenised MasterPass service will first be available in the US in 2016, and expand across all MDES-enabled markets worldwide.
Said Barry Rodrigues, head of Citi enterprise payments solutions at Citi: “We continue to see exponential growth in online purchases and in the role of connected devices in enabling commerce. Our customers want a simple way to make purchases online which Citi MasterPass delivers, by reducing checkout to just a few clicks. Integrating tokenisation is important to our digital payments strategy, and will deliver another layer of security for our customers.”
Added Ed McLaughlin, chief emerging payments officer at MasterCard: “MasterPass enables consumers to pay for the things they want with the security they demand, online or in-app, using any device. In tokenising MasterPass, we’re creating for consumers a secure ‘digital stream’ directly from their bank which can be connected through the online and mobile banking tools they already know. Together with our banks, we are creating the easiest and most secure way to pay today.”
Since the announcement of MDES in 2013, millions of MasterCard accounts at hundreds of banks have been tokenised for use in popular digital wallet services including Android Pay, Apple Pay and Samsung Pay. MDES currently provides tokenisation services for credit, debit, co-brand, prepaid, commercial, private label and small business cards, as well as tokenisation services for app, e-commerce, and recurring billing card-on-file programmes.