Giesecke & Devrient works with MasterCard on secure mobile payments
G&D said it becomes the first third-party company to offer MasterCard's tokenization services to issuing banks.
MasterCard and Giesecke & Devrient announced a partnership that will combine the MasterCard Digital Enablement Service with G&D’s Convego CloudPay product, 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, according to a press release.
G&D said it has become the first third-party company to offer MasterCard's 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 of digital payments and labs at MasterCard.
Through its Convego CloudPay product with an interface to MasterCard's service, G&D said it works with issuers to deliver a 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.