Merchants – both brick & mortar and online – have struggled to find the right balance between minimizing fraudulent transactions and providing consumers with a simple checkout experience.
In-store, MasterCard took an industry leadership position in the creation and rollout of global EMV standards for card-based purchases. When device-based payment services began to rollout in the Fall of 2014, MasterCard built the foundation for secure digital transactions, so consumers can use their cards when, where and how they want with peace of mind that their transaction – and payment information – was not at risk. This foundation – the MasterCard Digital Enablement Service (or MDES) then expanded to support merchants with in- app, eCommerce, and card-on-file programs.
Today, we’re announcing the next phase of our card-on-file services with the MasterCard Digital Enablement for Merchants, a new offering in our suite of Digital Enablement solutions alongside MDES and Express.
Digital Enablement for Merchants is a tokenization and digitization solution for eCommerce merchants that uses a token, in combination with a transaction-specific cryptogram, to provide EMV-based security for card-on-file transactions. The service helps merchants minimize fraudulent transactions and associated costs, reduce the risks and costs associated with storing real PANs, and has the potential to improve approval rates.
The trade-off between security and convenience is resolved by providing merchants with a hassle-free way to adopt and implement token services. As a result, consumers get the best of all worlds: a frictionless checkout where they do not have to enter or update payment details for each transaction, and peace of mind knowing that their card data is not at risk.
By expanding the Digital Enablement portfolio to serve merchants’ needs, MasterCard continues to lead the industry in securing cardholder credentials – no matter where they are stored.
If you’re attending Mobile World Congress in Barcelona this week, please stop by our booth #5D61 in Hall 5, where we’ll be demonstrating this new technology, with plans for rollout later in 2016.