Digital Commerce Solutions is a suite of offerings that facilitates the security of stored card credentials.
Mastercard will enable token services on all cards by 2020 to make online transactions secure. With token services, consumers can store their card credentials with a merchant or retailer without the risk of exposing actual card account details, adding another layer of security to online transactions without removing the convenience.
The company is also offering EMV-like security to digital environments, as the company is working with Adyen, BlueSnap, Digital River, Stripe, Square, Worldpay, and Mastercard Payment Gateway Services to extend tokens to thousands of retailers. It also brings aboard issuers, such as Citi and Fifth Third Bank to convert cards on file into tokens, and it collaborates with Bank of America to provide fraud scoring to help increase approval rates over time.
Mastercard utilises technology such as biometrics and artificial intelligence to enable merchants and issuers to verify if a consumer is who they say they are, thus reducing falsely declined transactions, and delivering a better consumer experience.
The Mastercard digital strategy is aiming to deliver a seamless shopping experience that utilises tokenization and advanced authentication through a standard checkout experience leveraging the EMVCo Secure Remote Commerce (SRC) framework introduced in 2017. Mastercard will begin to roll out its solution based on SRC in 2019. SRC will also facilitate merchants the implementation and storage of tokens on file, and improve their approval rates.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now