New Delhi [India], Dec 12 (ANI): Digital security provider Gemalto on Tuesday announced that its Trusted Service Hub (TSH) can now offer a single gateway enabling issuers to connect to the Mastercard and Visa tokenisation services, simplifying the way financial institutions can launch mobile payment services.
Banks and other issuers are increasingly deploying multiple payment schemes for their mobile payment offering. Gemalto's cloud-based solution can manage all their digital issuance needs from a single hub.
The Mastercard and Visa platforms manage the tokenization, which is the process that converts cards' sensitive data into a unique digital identifier (or token) that can be deployed more safely on smartphones and similar devices. The token allows payments to be processed without exposing actual account details that could potentially be compromised.
Card issuers, as well as wallet providers, can rely on Gemalto to help them launch rapidly and massively mobile payments without having to face different security frameworks or complex integration, while benefiting from Mastercard and Visa's tokenisation services.
"Gemalto is already working with numerous banks and other key stakeholders worldwide to create and build flourishing digital payment ecosystems. Our new partnerships with Mastercard and Visa will strengthen these initiatives, and give clients faster and more efficient access to a global mobile payment market that is expected to be worth over USD three trillion by 2021," said François Chaffard, senior vice-president Digital Payment at Gemalto.
With the new connection in place, wallet providers - including OEMs, retailers, car manufacturers, wearable makers - can benefit from Gemalto's offering to launch their own mobile payment wallet, while accessing a growing number of issuers, to maximise consumer reach.
Also, card issuers - banks and processors - will transform traditional payments into convenient and secure mobile experiences by launching their own wallet or easily on-boarding with major wallet providers.
"Tokenisation technology sits at the heart of Visa's ability to connect billions of connected devices and mobile payment services through our network, representing the beginning of an era where nearly any connected object can be transformed into a simple way to pay," said Jack Forestell, executive vice president, innovation and strategic partnerships, Visa.
"Mastercard is the critical link between billions of consumers, thousands of financial institutions and millions of merchants, governments and businesses. As we are facing the next wave of transformation - which includes a fundamental shift to the world of digital and a more connected consumer - we want our customers and partners to be at the forefront of digital payments and take a partner-centric approach to everything that we do. Tokenisation is key to ensuring consumers put their trust in new digital payment services," added Kiki Del Valle, senior vice president, Commerce for Every Device, Mastercard. (ANI)