MasterCard adds tokenization support for private label credit cards

BJ’s Wholesale Club, Kohl’s and JCPenney will be among the first retailers to bring mobile payments to their private label cardholders. The company also announced partnerships with some of the largest private label credit card issuers in the US, including Synchrony Financial and Citi Retail Services, to enable consumers to use their eligible credit cards within participating mobile payment and digital wallet services.

According to Equifax’s National Consumer Credit Trends Report, the number of open retail credit card accounts exceeded the 195 million mark by the fall of 2014.

Tokenization support for private label issuers is made possible through the MasterCard Digital Enablement Service (MDES), which enables a connected device to be securely used for everyday shopping and payments. MDES supports contactless (NFC) payments with a mobile device at a physical point of sale, as well as from within a mobile app. Transactions are secured using industry-standard EMV cryptography and take full advantage of the most secure payments technology in the world.

MasterCard is a technology company in the global payments industry. They operate the global payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.