Fiserv adds tokenization to be used via Apple Pays service

Friday 12 September 2014 10:53 CET | News

Fiserv, a global provider of financial services technology solutions, has expanded its mobile payments solution portfolio to include tokenization functionalities via Visa Token Service (VTS) and MasterCard Digital Enablement Service (MDES).

The functionalities will be available to all Fiserv-processed debit and credit issuers. Fiserv will also enable its Accel debit payments network to support tokenization for its participants.

By supporting tokenization functionalities, Fiserv is set to leverage financial institution clients to play an integral role in the mobile payments ecosystem. For example, tokenization is required for cards to be used through the newly announced Apple Pay service, which will enable mobile payments at a variety of physical and online merchants and service providers.

Tokenization enables additional security for mobile and online payments by creating a digital account number, or token, which acts as a substitute for a consumers personal account number (PAN). Tokens can be used for mobile proximity payments at a physical point of sale, for mobile remote payments such as in-app purchases, and for e-commerce transactions.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Fiserv, tokenization, Apple Pay, mobile payments, Apple, Visa, MasterCard, Accel, payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce