MasterCard IncorporatedMA has enhanced its payment services by offering tokenization to commercial credit card issuers. Now, corporations and business travelers will be able to load eligible corporate credit cards within participating mobile and digital wallet services.
MasterCard's tokenization support is facilitated by MasterCard Digital Enablement Service ("MDES"), which enables consumers to make secured payments with the help of connected devices. Additionally, the service supports contactless payments not only through a mobile device at a physical point of sale but also via a mobile app. These transactions are secured with the help of Europay, MasterCard and Visa widely known as EMV cryptography and hence, merchants' safety as well as convenience of payment is ensured.
The company already provides tokenization service to its products like consumer credit, debit and prepaid cards, as well as small business and commercial cards. Now, with the extension of this service to corporate cards, MasterCard's tokenization service will be available across all its product categories.
Tokenization service on corporate cards to business travelers will make their payments easier and more secure. Already many of the merchants frequented by business travelers accept contactless and in-app payments from digital wallet solutions.
Over the years, MasterCard's contactless payment services have gained popularity among users preferring the plastic mode of payments. Millions of MasterCard accounts have been tokenized since the launch of MDES in 2013.
Currently, MasterCard carries a Zacks Rank #4 (Sell). Some better-ranked stocks from the same sector are Visa Inc. V , Xoom Corp. XOOM and Fiserv Inc. FISV . While Visa sports a Zacks Rank #1 (Strong Buy), the other two carry a Zacks Rank #2 (Buy).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
