MasterCard today announced it will provide tokenization services to commercial credit card issuers, enabling issuers to allow corporations and business travelers to load eligible corporate credit cards within participating mobile and digital wallet services.
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. Additional information can be found at the MasterCard Engagement Bureau.