MasterCard Modernizing Tokenization

Updated: 06/17/2015 17:17
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mastercard tokenization
Watch the latest news on improving the payment data services by MasterCard by means of implementing unique exclusive tokens, 16 digit codes
The International payment system modernizes the service of payment data encryption. From now on tokenization will be spread on mobile applications and e-commerce. Apart from that the company implements data encryption of the brand-name credit cards.

The International payment system modernizes the service of payment data encryption. From now on tokenization will be spread on mobile applications and e-commerce. Apart from that the company implements data encryption of the brand-name credit cards.

By means of expanding the services, MasterCard will secure payment data of their own clients no matter where they are.

In order to speed up and simplify the purchase process in applications and online, as well as to be able to subscribe for regular payments, such as member fees, stream video subscription, utility bills, customers agree to have the merchants and services providers their payment credentials stored in various databases.

The MasterCard authorities assure the regular customer stores up to five cards in such databases. Such kind of data storage as well as the automatic funds withdrawal deals with lots of risks.

The new program from MasterCard lets merchants to increase the security of storing and using the payment information.

MasterCard will allow issue banks replace the card numbers with the 16-digit code (token). Markers will be unique for every merchant and can't be used to pay for the goods on any other trading platform.


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