26 February 2018
Visit www.capgemini.com/worldreports

Visa and Mastercard strike wallet tokenisation deal

15 December 2016  |  15198 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  |  9429 views  |  3 comments | 23 tweets | 18 linkedin
Canada's Interac introduces tokenisation service

Canada's Interac introduces tokenisation service

22 February 2016  |  8021 views  |  1 comments | 5 tweets | 1 linkedin
Visa Europe expands tokenisation service

Visa Europe expands tokenisation service

16 February 2016  |  15797 views  |  1 comments | 33 tweets | 39 linkedin
MasterCard tokenises MasterPass

MasterCard tokenises MasterPass

19 October 2015  |  8116 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  |  11786 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  |  6452 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  |  13134 views  |  0 comments | 34 tweets | 28 linkedin
Visa begins tokenisation roll out

Visa begins tokenisation roll out

10 September 2014  |  14415 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  |  15915 views  |  13 comments | 24 tweets | 31 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.nextgenbanking.co.ukVisit https://www.capgemini.comvisit www.swift.com/your-needs/instant-payments

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
12837 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10936 views 4 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
9513 views comments | 15 tweets | 27 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8868 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
8802 views comments | 11 tweets | 14 linkedin