Tokens head for the cloud with G&D and MasterCard
23 February 2016 | 4874 views | 0
As digital payments become more prevalent in every corner of the globe, MasterCard continues to work with its partners to create a more connected and secure commerce ecosystem.
Today at Mobile World Congress, MasterCard and Giesecke & Devrient (G&D) announced a partnership that will combine the MasterCard Digital Enablement Service (MDES) with G&D’s Convego CloudPay solution, enabling issuers to work directly with G&D to implement industry-standard tokenization technology for their issuer HCE wallets. This provides consumers with access to digital payments provided directly by their card issuers.
A leading mobile payment provider, G&D becomes the first third-party company to offer MDES tokenization services to issuing banks.
“We have pioneered mobile commerce innovations for years. Alongside G&D, we’re delivering a simple and secure digital payment experience that takes advantage of industry-standard tokenization technology,” said Sherri Haymond, senior vice president, Digital Payments & Labs at MasterCard.
MasterCard built the foundation for secure mobile digital transactions, so consumers can use their cards when, where and how they want.
Through its Convego CloudPay solution with an interface to MDES, G&D works with issuers to deliver a seamless and secure mobile payment experience that will work at contactless-enabled point of sale terminals. This is done by providing the provisioning process of payment credentials to the mobile device and subsequent life-cycle management services. MasterCard cardholders will then be able to use their credit, debit and select prepaid and small business cards for convenient and safe in-store payments.
For consumers and merchants alike, every purchase using a Convego CloudPay-enabled issuer wallet will offer the enhanced security, benefits and guarantees of a digital MasterCard transaction.
“This combined solution of MasterCard and G&D benefits all MasterCard issuing banks. Our cooperation with MasterCard enables us to provide the safety and security of MasterCard digitized credentials while meeting the payment credential provisioning and management needs of issuers,” said Edgar Salib, group senior vice president, Financial Institutions division at G&D. “As a global offering, we can offer the service for issuing banks that want to enable their own digital wallets in all countries where MDES is available.”