MasterCard is promising to boost security for online and in-app shoppers by tokenising its MasterPass digital wallet.
The move means that, at the request of issuing banks, MasterCard will replace the personal account numbers 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.
Tokenisation will come to US MasterPass wallets next year before making its way to all markets where the MasterCard Digital Enablement Service is enabled.
Ed McLaughlin, chief emerging payments officer, MasterCard, says: "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."