Looking to make digital transactions safer, two credit card network powerhouses are joining forces to tokenize shoppers’ payment card credentials.
Visa and MasterCard have partnered to accelerate the adoption of payment tokens in their respective Visa Checkout and Masterpass digital wallet platforms. Described as a reciprocal tokenization agreement, the process allows Visa to request tokenized MasterCard payment credentials from Mastercard for provisioning within Visa Checkout, and MasterCard can request tokenized Visa credentials from Visa for provisioning into Masterpass, according to Visa’s website.
With networks able to request tokenized payment credentials from each other, both companies’ wallet solutions will use tokens in place of real card numbers, adding an extra layer of security.
The partnership also lays the foundation to support evolving digital payments made through other connected devices, including wearables and other gadgets that comprise the Internet of Things eco-system.