MeaWallet, a digital payment solutions provider, has introduced Multi-Scheme Merchant Tokenization, a new payment tokenization solution which offers Mastercard, Visa and American Express tokenization services via single connection.
Image: MeaWallet introduces single payment tokenization platform. Photo: Courtesy of Lotus Head/FreeImages.com.
MeaWallet’s latest tokenization solution connects merchants, PSPs and acquirers to the Mastercard Digital Enablement Service (MDES), the Visa Token Service (VTS) and the American Express Tokenization Service.
The new solution can help merchants benefit from each of the globally interoperable tokenization platforms through single integration.
Mastercard, American Express and Visa, each have their own proprietary digital platforms, developed tokenization and digitization solutions to support eCommerce merchant transactions.
The platforms comply with Europay Mastercard and Visa (EMV) Payment Tokenization. They use tokens coupled with transaction cryptograms to bring EMV security to card-on-file transactions.
MeaWallet claims that its Merchant Tokenization confirms to each of the specifications and requirements of each payment scheme and will be delivered as a fully hosted service from its data center which is secure and PCI-DSS compliant.
MeaWallet CEO Lars Sandtorv said: “Since 2013, MeaWallet has worked with the major payment schemes to deliver their payments technologies to financial institutions.
“Now, MeaWallet is one of just a handful of providers to extend its offering to enable merchants and PSPs to access the services of multiple major schemes without the technical friction associated with connecting to each platform.”
MeaWallet says that tokenization can replace sensitive card credentials, which are typically stored as card-on-file, with merchant-specific token.
Last October, Mastercard announced that it will enable token services on all cards by 2020 to make online transactions simple, seamless and secure.
Sandtorv continued saying: “Tokenization has become a cornerstone of secure digital payments and is a core focus for MeaWallet.
“We support banks, merchants and other financial institutions with both the knowledge and the technology solutions needed to simplify their implementation of tokenization services, so they can focus on delivering value added services and other digital features that differentiate them in the marketplace.”
MeaWallet said that its Merchant Tokenization enables merchants to ensure that the customer’s stored card payment details will remain valid throughout the card expiry and reissuance process without the customer needing to update them manually.