The “reciprocal tokenisation agreement” enables MasterCard to request tokenised credentials from Visa for provisioning into MasterPass, and Visa to request tokenised MasterCard payment credentials from MasterCard for provisioning into Visa Checkout. Therefore, allowing each network to request tokenised payment credentials from the other network will ensure that each networks wallet solutions can continue to stay open to other card brands.
The Visa Token Service (VTS) was launched in 2014 and aims to replace cardholder information, such as account numbers and expiration dates, with a unique digital identifier known as a token that can be used for payment without exposing a cardholders account information.
Visa opened up its VTS platform to third parties in October 2016, giving the likes of manufacturers, issuers, IoT developers, wallet providers, and merchants the ability to offer Visas digital payment service on any device.
Similar to Visas VTS, MasterPass stores all payment information on its platform, including card details from both MasterCard and other payment networks, shipping information, and payment preferences.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now