PURCHASE, N.Y.--(BUSINESS WIRE)--MasterPass has increasingly been making shopping easier and safer for consumers and merchants in 24 countries around the globe. Today, MasterCard announced it will integrate a fully tokenized checkout experience within MasterPass, leveraging the MasterCard Digital Enablement Service (MDES). This gives consumers the freedom to shop more securely online or in-app from any connected device. A demonstration of a tokenized MasterPass wallet will be available next week at the Money 20/20 Conference in Las Vegas.
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. 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.
“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 tokenization is important to our digital payments strategy, and will deliver another layer of security for our customers,” said Barry Rodrigues, Head of Citi Enterprise Payments Solutions at Citi.
“MasterPass enables consumers to pay for the things they want with the security they demand, online or in-app, using any device. In tokenizing 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,” said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard.
Since the announcement of MDES in 2013, millions of MasterCard accounts at hundreds of banks have been tokenized for use in popular digital wallet services including Android Pay, Apple Pay and Samsung Pay. MDES currently provides tokenization services for credit, debit, co-brand, prepaid, commercial, private label and small business cards, as well as tokenization services for app, eCommerce, and recurring billing card-on-file programs. The tokenized MasterPass service will first be available in the United States in 2016, and expand across all MDES-enabled markets worldwide.
About MasterCard
MasterCard (NYSE:MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
