Enhanced Security with MasterCard's Tokenization Support
PURCHASE, NY: To make transactions more secure, MasterCard has come up with tokenization services. Tokenization is the process of substituting sensitive data with unique identification symbols that retain all the crucial data with enhanced security.
There are latent security risks in storing card numbers and often customers face challenges while updating payment information in case of a change in the account number. This results in low sales for the merchant as well as a hassle for the customer.
To avoid such scenarios, MasterCard has expanded its Digital Enablement Services (MDES) through tokenization services to merchants with app, eCommerce, and recurring billing card-on-file programs.
The new MasterCard program allows merchants to utilize MDES’s power for enhancing security and minimizing declines for merchants that store card numbers. Tokenization will facilitate card-issuing banks to substitute MasterCard credit, debit and prepaid card account numbers with a safe “token”, a new 16-digit number that represents the existing card number on the front of a payment card.
Each merchant gets unique tokens and carry extra security protection that prevents inappropriate usage at any other location. Moreover, smooth flow of payments is ensured since it eliminates the need for updating a change of expiration date of a card number.