As a result, MeaWallet Merchant Tokenization connects merchants, PSPs and acquirers to the Mastercard Digital Enablement Service (MDES), the Visa Token Service (VTS) and the American Express Tokenization Service, through one integration. The solution conforms to the specifications and requirements of each payment scheme and is delivered as a fully hosted service from MeaWallet’s secure PCI-DSS compliant data center.
Tokenization replaces sensitive card credentials, typically stored as card-on-file, with a merchant-specific token. In October 2018, Mastercard announced that it will enable token services on all cards by 2020.
Mastercard, American Express and Visa have, through their proprietary digital platforms, built tokenization and digitisation solutions to support ecommerce merchant transactions. These platforms comply with EMV Payment Tokenization, which utilizes tokens coupled with transaction cryptograms in order to bring EMV security to card-on-file transactions.
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