Payment giant Mastercard is testing a new service — cashless transfers with the use of tokenization technology. Until that feature is only available to cardholders of the company in Russia. This was reported by the press service of Mastercard.
The role of the acquiring Bank addressed to the Russian VTB. The service works on the basis of own platform Mastercard Digital Enablement Service (MDES). The service is available through the mobile payment service Samsung Pay.
When making a transfer map data replace the “one-time” token for a specific purchase, thereby protecting customers ‘ personal information: the card number is not stored neither on the mobile device or on the servers of the smartphone manufacturers nor merchants.
“To use the service, simply to make a bottom-up smartphone screen to call up the application, choose a attached card or cards for licenzirovanie – token, which is also displayed in the list on the screen to indicate mobile number to make a transfer just a couple of clicks”, — stated in the message Mastercard.
The company does not disclose when the new service will be available to customers from other countries.
ForkLog previously reported that Mastercard has received a patent for a method to speed up the processing time of crypto-currency transactions.