Mastercard and CardsMobile presented a universal tokenization platform
Today, at the World Mobile Congress, MasterCard and the Russian company CardsMobile presented a universal tokenization platform operating on the basis of MasterCard Digital Enablement Service (MDES).
The new platform provides banks-issuers of any country of the world a service to transfer existing and issue new MasterCard cards both to their customers ' smartphones and to wearable "smart" devices that support contactless payment technology – key fobs, jewelry with microchips, car keys, watches and other gadgets.
The innovative CardsMobile solution presented at the Congress was certified by MasterCard as an open wallet and aggregation platform. A significant number of agreements has been reached today in order to connect Russian banks to above named service.
Several manufacturers of wearable devices were the first to join the CardsMobile platform: ISBC with the RFID key fob AIRTAG® Pay product line (a unique patented innovative RFID key fob for the financial ecosystem of the future), Rosan Diamond with exclusive jewelry and PayRing with electronic rings. At the MasterCard booth the jewelry rings made of precious metals were presented for the first time with payment functionality — a unique patented PayRing, launched on the platform CardsMobile. Up to this point, only ceramic products were available on the market.
Dmitry Tartyshev, Business Development Director, Mastercard Russia:
"All over the world, we are working to ensure that modern payment technologies and solutions are available as widely as possible. In Russia, one of the most dynamic and innovative markets, we are actively cooperating with leading technology companies so that Mastercard cardholders have the opportunity to pay in the way that is convenient for them. CardsMobile is our strategic partner in this business, and we are pleased to announce the launch of a universal platform for tokenization, which has all the features for global scaling."
Kirill Gorynya, CEO Cardsmobile:
"Our company has been a strategic partner of MasterCard in the development of contactless payments in Russia for more than six years. CardsMobile technologies make contactless payment available to millions of MasterCard cardholders in Russia, and now we are pleased to present a new solution — a universal platform for tokenization of payment cards, which has no geographical restrictions. We are open for cooperation and invite both Russian and foreign banks-issuers and manufacturers of wearable devices to connect to the service."
Sergey Lazarev, CEO PayRing:
"PayRing sets the standards for a new generation of payment devices. We are the first in the world to implement the idea of paying by card in such a convenient form factor as a jewelry ring. Our mission is to provide payment card issuing banks and their clients with a convenient and secure tool. Together with MasterCard and CardsMobile, we offer a state-of-the-art individual product that is protected by advanced payment security standards and has aesthetic advantages."
Based on Mastercard materials