Last month, MasterCard made the blockbuster announcement that it will be offering tokenization services to merchants with e-commerce, app, and recurring billing card-on-file programs. This of course strengthens security and further boosts the convenience of digital payments when storing MasterCard cards in merchant databases. Through this expansion of its Digital Enablement Services (MDES), MasterCard continues to pride itself as the leader in its industry.
When it comes to credit and debit cards, one of the chief annoyances experienced by users is when their card account number changes, which usually means that they’ll have to update payment information across all locations wherein the card has been stored. This should be a non-issue if users remember all the required details in order to change card numbers. Otherwise, failed transactions and bad customer experiences are the results, both of which ultimately lead to lost sales for the merchant. But through MasterCard’s new program, declined transactions caused by such should be reduced, as tokens can be dispensed by card-issuing banks in place of MasterCard credit, debit, and prepaid card accounts. The tokens (which have their own 16-digit number that represents the existing card number on the front of a payment card) will be unique to each merchant and feature increased protection that should prevent misuse. These don’t have to be updated as well, allowing for continuous digital transactions.
Thankfully, there’s MasterCard who’s determined in improving the lives of merchants and consumers alike.
To read the original press release, click here.