Today at Mobile World Congress, MasterCard and Giesecke & Devrient (G&D) announced a partnership that will combine the MasterCard Digital Enablement Service (MDES) with G&D’s Convego CloudPay solution, enabling issuers to work directly with G&D to implement industry-standard tokenization technology for their issuer HCE wallets. This provides consumers with access to digital payments provided directly by their card issuers.
A leading mobile payment provider, G&D becomes the first third-party company to offer MDES tokenization services to issuing banks.
“We have pioneered mobile commerce innovations for years. Alongside G&D, we’re delivering a simple and secure digital payment experience that takes advantage of industry-standard tokenization technology,” said Sherri Haymond, senior vice president, Digital Payments & Labs at MasterCard.
MasterCard built the foundation for secure mobile digital transactions, so consumers can use their cards when, where and how they want.
„Through its Convego CloudPay solution with an interface to MDES, G&D works with issuers to deliver a seamless and secure mobile payment experience that will work at contactless-enabled point of sale terminals. This is done by providing the provisioning process of payment credentials to the mobile device and subsequent life-cycle management services. MasterCard cardholders will then be able to use their credit, debit and select prepaid and small business cards for convenient and safe in-store payments.”, according to the press release.
“This combined solution of MasterCard and G&D benefits all MasterCard issuing banks. Our cooperation with MasterCard enables us to provide the safety and security of MasterCard digitized credentials while meeting the payment credential provisioning and management needs of issuers,” said Edgar Salib, group senior vice president, Financial Institutions division at G&D. “As global offering, we can offer the service for issuing banks that want to enable their own digital wallets in all countries where MDES is available.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
