PURCHASE, N.Y. (10/21/15)--MasterCard will provide tokenization services to commercial credit card issuers, allowing corporations and business travelers to load eligible corporate credit cards into participating mobile and digital wallet services.
Tokenization will apply now to all MasterCard products--consumer credit, debit and prepaid cards, and small business and commercial cards. The service will be through MasterCard Digital Enablement Service (MDES), which enables a connected device to be securely used for business purchases and payments.
Major merchants frequented by business travelers already accept contactless and in-app payments from digital wallet solutions, said the company.
“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.
MDES supports both contactless (near field communication) payments with a mobile device at a physical point of sale and when purchases are made within a mobile app. Transactions are secured using industry-standard EMV cryptography.
Since the introduction of MDES in 2013, millions of MasterCard accounts have been tokenized for use in popular mobile wallet services.