24 June 2017
download the report now

Visa and Mastercard strike wallet tokenisation deal

15 December 2016  |  13315 views  |  1 Hipster teens with phone

Bitter rivals Visa and Mastercard have struck a deal that lets each firm's digital wallet service request the other's tokenised payment credentials.

Introduced by Visa and MasterCard a couple of years ago, tokenisation replaces the traditional 16-digit account number with a unique series of numbers, helping to prevent exposure of sensitive consumer account information in online and mobile payments.

In an effort to drive the adoption of tokens, the competitors have now struck a deal in relation to their MasterCard Masterpass and Visa Checkout digital wallets.

The reciprocal agreement allows Visa to request tokenised Mastercard payment credentials from Mastercard for provisioning into Visa Checkout, and for Mastercard to request tokenised Visa credentials from Visa for provisioning into Masterpass.

The move means that the firms' wallets are open to each other's cards, a development designed to keep issuers, merchants and customers happy.

Says Mastercard: "By allowing each network’s respective wallet service to leverage the token solutions of the other network, this agreement will ensure that each network’s wallet solutions can continue to stay open - and can add the extra security of using tokens in place of real card numbers."

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 16 December, 2016, 17:51

This move will start interoperatability of wallets.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Visa streamlines Checkout for faster mobile commerce

Visa streamlines Checkout for faster mobile commerce

11 March 2016  |  9014 views  |  3 comments | 23 tweets | 18 linkedin
Canada's Interac introduces tokenisation service

Canada's Interac introduces tokenisation service

22 February 2016  |  7501 views  |  1 comments | 5 tweets | 1 linkedin
Visa Europe expands tokenisation service

Visa Europe expands tokenisation service

16 February 2016  |  14693 views  |  1 comments | 33 tweets | 39 linkedin
MasterCard tokenises MasterPass

MasterCard tokenises MasterPass

19 October 2015  |  7650 views  |  0 comments | 16 tweets | 28 linkedin
Google and Samsung sign up for MasterCard express tokenisation programme

Google and Samsung sign up for MasterCard express tokenisation programme

08 September 2015  |  11365 views  |  0 comments | 9 tweets | 12 linkedin
MasterCard dishes tokens to private label cards and e-commerce merchants

MasterCard dishes tokens to private label cards and e-commerce merchants

15 June 2015  |  6085 views  |  1 comments | 12 tweets | 10 linkedin
Visa brings tokenisation to Europe; preps P2P/social media payments service

Visa brings tokenisation to Europe; preps P2P/social media payments service

24 February 2015  |  12685 views  |  0 comments | 34 tweets | 28 linkedin
Visa begins tokenisation roll out

Visa begins tokenisation roll out

10 September 2014  |  13745 views  |  12 comments | 24 tweets | 12 linkedin
Visa takes on PayPal with Checkout button for Web and mobile payments

Visa takes on PayPal with Checkout button for Web and mobile payments

17 July 2014  |  14143 views  |  13 comments | 24 tweets | 31 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit vasco.com/news/PSD2-compliant-solutionsvisit www.www.fisglobal.com

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
9434 views comments | 4 tweets | 5 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
9094 views comments | 18 tweets | 27 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
8593 views comments | 3 tweets | 4 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
8111 views comments | 8 tweets | 25 linkedin
What Banks and their customers can expect for the futureWhat Banks and their customers can expect...
7012 views comments | 7 tweets | 10 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job