A payment giant Mastercard is testing a new service – non-cash transfers using tokenization technology. The function is only available to cardholders in Russia.
The service operates on the basis of its own platform Mastercard Digital Enablement Service (MDES). The service is available through the mobile payment service Samsung Pay.
When making a transfer, these cards replace “one-time” tokens for a particular purchase, thereby protecting the personal information of customers: the card number is not stored on the mobile device, smartphone servers or merchants.
The company do not say when the service will be available in other countries.