The FINANCIAL — MasterCard on October 14 announced it will provide tokenization services to commercial credit card issuers. Soon, corporations and business travelers will be able to load eligible corporate credit cards within participating mobile and digital wallet services.
With the addition of corporate cards, MasterCard will now enable tokenization across virtually all its products – consumer credit, debit and prepaid cards, as well as small business and commercial cards. This functionality is made possible through the MasterCard Digital Enablement Service (MDES), which enables a connected device to be securely used for business purchases and payments, according to MasterCard.
Major merchants frequented by business travelers already accept contactless and in-app payments from digital wallet solutions.
“Digitizing commercial payments will help make business travel even more convenient without sacrificing any of the core controls and value,” said Sachin Mehra, executive vice president of Global Commercial Products, MasterCard. “We’re committed to ensuring all MasterCard cardholders can use their cards when, where and how they want in a simple and secure manner.”
MDES supports both contactless (NFC) payments with a mobile device at a physical point of sale and purchases made within a mobile app. Transactions are secured using industry-standard EMV cryptography and take full advantage of the most secure payments technology in the world.
Since the introduction of MDES in 2013, millions of MasterCard accounts have been tokenized for use in popular mobile wallet services.