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April 23, 2019

MeaWallet Merchant Tokenisation multi-scheme launches

By Briony Richter

Today, MeaWallet launches its multi-scheme merchant tokenisation solution.

The solution delivers Mastercard, Visa and American Express tokenisation services through a single and seamless connection.

MeaWallet Merchant Tokenisation connects merchants, PSPs and acquirers to the Mastercard Digital Enablement Service (MDES), the Visa Token Service (VTS) and the American Express Tokenisation Service.

By connecting with these services, merchants can access each of global tokenisation platforms through one easy integration and platform.

As the world becomes more digitally connected, seamless access to global platforms will improve the overall merchant and customer experience. Furthermore, it will enhance security and transparency

CEO of MeaWallet, Lars Sandtorv, noted: “Since 2013, MeaWallet has worked with the major payment schemes to deliver their payments technologies to financial institutions.

“Now, MeaWallet is one of just a handful of providers to extend its offering to enable merchants and PSPs to access the services of multiple major schemes without the technical friction associated with connecting to each platform.”

Furthermore, MeaWallet Merchant Tokenisation conforms to the specifications and requirements of each payment scheme

Benefits of tokenisation

Tokenisation is becoming a far more popular security technology to protect consumer card data from online hackers.

It replaces sensitive card details that can be hacked into easily as fraudsters continually use sophisticated technology.  In addition, tokenisation not only works with credit card plastic, but it also works with gift cards, NFC payments, ACH transfers and Apple Pay.

Sandtorv added: “Tokenisation has become a cornerstone of secure digital payments and is a core focus for MeaWallet.

“We support banks, merchants and other financial institutions with both the knowledge and the technology solutions needed to simplify their implementation of tokenisation services, so they can focus on delivering value added services and other digital features that differentiate them in the marketplace.”

Furthermore, in October 2018, Mastercard announced that it will enable token services on all cards by 2020. This will make online transactions more secure and seamless.

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