This initiative will simplify the procedure through which launching financial institutions can launch mobile payment services.
Banks and others issuers are deploying more and more payment schemes for their mobile payment offering. Offering a great assistance in this regard, Gemalto’s cloud-based solution can help manage all their digital issuance needs from a single hub.
Tokenisation is the process through which Mastercard and Visa platforms manage converts cards’ sensitive data into a unique digital identifier (or token) that can be deployed more safely on smartphones and similar devices.
The token allows payments to be processed without exposing actual account details that could potentially be compromised.
Card issuers, as well as wallet providers, can now rely on Gemalto to help them launch rapidly and massively mobile payments without having to face different security frameworks or complex integration, while benefiting from Mastercard and Visa’s tokenisation services.
“Tokenisation technology sits at the heart of Visa’s ability to connect billions of connected devices and mobile payment services through our network, representing the beginning of an era where nearly any connected object can be transformed into a simple way to pay,” said Jack Forestell, Executive Vice President, innovation and strategic partnerships, Visa.
“Mastercard is the critical link between billions of consumers, thousands of financial institutions and millions of merchants, governments and businesses. As we are facing the next wave of transformation – which includes a fundamental shift to the world of digital and a more connected consumer – we want our customers and partners to be at the forefront of digital payments and take a partner-centric approach to everything that we do,” said Kiki Del Valle, Senior Vice President, Commerce for Every Device, Mastercard.