MasterCard is to provide tokenisation services to commercial credit card issuers, enabling corporations and business travellers to load their cards into participating mobile and digital wallet services.
The roll-out will begin in the US and UK, with business card users able to benefit from the range of merchants who already accept contactless and in-app payments from digital wallet solutions.
The new functionality is routed through the MasterCard Digital Enablement Service (MDES), which allows a connected device to be securely used for business purchases and payments. MDES supports both contactless (NFC) payments with a mobile device at a physical point of sale and purchases made within a mobile app, with transactions secured using industry-standard EMV cryptography.
“Digitising 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 at 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.”
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