Gemalto has announced that its Trusted Service Hub (TSH) can now offer a single gateway enabling issuers to connect to the Mastercard and Visa tokenisation services, simplifying the way financial institutions can launch mobile payment services. Banks and other issuers are increasingly deploying multiple payment schemes for their mobile payment offering. Gemalto’s cloud-based solution can manage all their digital issuance needs from a single hub, said the company.
The Mastercard and Visa platforms manage the tokenisation: it is the process that converts cards’ sensitive data into a unique digital identifier (or token) that can be deployed more safely on smartphones and similar devices. The token allows payments to be processed without exposing actual account details that could potentially be compromised.
Card issuers, as well as wallet providers, can rely on Gemalto to help them launch rapidly and massively mobile payments without having to face different security frameworks or complex integration, while benefiting from Mastercard and Visa’s tokenisation services, according to the company.
Gemalto’s offering provides fast time to market, thanks to an off-the-shelf TSH cloud platform, pre-integrated with tokenisation services from Mastercard and Visa (MDES and VTS); easy integration, a single connection to our platform allows access to different payment schemes and a modular and scalable solution, making it easy and fast to add new wallets and use cases.
As a result, more customers will be able to enjoy the benefits of convenient and secure mobile payments on their smartphones and connected devices, said the firm.
“Gemalto is already working with numerous banks and other key stakeholders worldwide to create and build flourishing digital payment ecosystems,” said David Noel Lardin, vice president Digital Payment for CISMEA region, Gemalto. “Our new partnerships with Mastercard and Visa will strengthen these initiatives, and give clients faster and more efficient access to a global mobile payment market that is expected to be worth over $3 trillion by 2021.”