New service from MasterCard aims to make mobile commerce more secure and convenient
MasterCard has announced the launch of a new service that is meant to make mobile payments more secure and convenient. The MasterCard Digital Enablement Service (MDES) is designed to “tokenize” a consumer’s financial information, making it more secure against exploitation. Security is one of the major concerns consumers have when participating in mobile commerce. Because some mobile platforms and services are not protected by comprehensive security measures, consumer financial information can sometimes be put at risk.
Digital tokens may change the way people pay for goods and services from a mobile device
MasterCard intends to transform the way mobile payments are made with its new service. MDES aims to transform any mobile device into a payment tool, allowing it to send and receive money in a convenient manner. This will be accomplished through the use of digital tokens, which represent consumer financial information. The service will allow merchants to store tokenized information so mobile transactions can be conducted more easily.
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MDES will be supported by the iPhone 6 and Apple Watch
MDES will be an integral part of the iPhone 6 and the Apple Watch, both of which will support mobile payments. MasterCard notes that all the payments that it will process through these devices will adhere to its security standards. Moreover, these payments may be significantly more secure because consumer financial information will no longer be trafficked between consumer and business. Instead, digital tokens will function as consumer information, without this information actually being accessible.
Visa launches similar service highlighting convenience and security
This service is similar to one recently launched by Visa. Both services highlight security and convenience, two things that have made mobile commerce notorious and worthy of praise, respectively. Security has long been a problematic issue in the mobile commerce field. Many payment platforms lack the security measures necessary to keep consumer financial information secure. MasterCard hopes that this will change with the introduction of digital tokens. Once consumer information is taken out of the mix, mobile commerce may no longer have any problems with security.