MasterCard Becomes First Network to Add Tokenization Support for Private Label Credit Cards for Use in Digital Wallets
15 June 2015 - 10:00PM
Business Wire
Merchants Provided Access to Digital
Payments Innovations for Store-Branded Cards through Partnerships
with Synchrony Financial and Citi Retail Services
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MasterCard today became the first payment network to provide
tokenization services to private label (store-branded) credit card
issuers, enabling merchants to take advantage of the latest digital
payment innovations. BJ’s Wholesale Club, Kohl’s and JCPenney will
be among the first retailers to bring mobile payments to their
private label cardholders later this year. The company also
announced partnerships with some of the largest private label
credit card issuers in the U.S., including Synchrony Financial and
Citi Retail Services, to enable consumers to use their eligible
credit cards within participating mobile payment and digital wallet
services.
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MasterCard First Network to Support
Tokenization for Private Label (Photo: Business Wire)
According to Equifax’s National Consumer Credit Trends Report,
the number of open retail credit card accounts exceeded the 195
million mark by the fall of 2014. As the only network to offer
private label support for wallet service offerings, MasterCard
continues to enable consumers to pay when, where and how they want
– and on the device of their choice.
Tokenization support for private label issuers is made possible
through the MasterCard Digital Enablement Service (MDES), which
enables a connected device to be securely used for everyday
shopping and payments. MDES supports contactless (NFC) payments
with a mobile device at a physical point of sale, as well as from
within a mobile app. Transactions are secured using
industry-standard EMV cryptography and take full advantage of the
most secure payments technology in the world.
“Thanks to our ongoing innovation and strategic partnerships, we
are helping shape the future of how private label credit cards work
in whichever digital wallet customers choose,” said Margaret Keane,
president and CEO of Synchrony Financial. “It was recently
announced that our retail partner, JCPenney, will be among the
first to offer its private label credit cardholders the ability to
checkout with Apple Pay later this year. We are committed to
working with our retail partners, MasterCard, and key payments
industry players to preserve the benefits of our private label
credit cards and patented Dual Cards in third-party digital
wallets.”
“We’re seeing significant momentum and innovation around digital
wallets, and a key focus for MasterCard is that consumers can
leverage these new offerings safely and securely. MDES was
developed to ensure that any connected device can be used to make
purchases, and deliver the simplicity, security and convenience
people have become accustomed to when using a MasterCard account of
their choice,” said Ed McLaughlin, chief emerging payments officer,
MasterCard. “MasterCard is helping merchants capitalize on mobile
payments, ensure the best possible consumer experience for their
consumers and encourage both repeat business and customer
loyalty.”
Since the announcement of MDES in 2013, millions of MasterCard
accounts have been tokenized for use in popular digital wallet
services. MDES currently provides tokenization services for credit,
debit, co-brand, prepaid and small business cards, with private
label tokenization beginning in the third quarter of this year.
Additional information can be found here.
About MasterCard
MasterCard, www.mastercard.com, is a technology company in
the global payments industry. We operate the world’s fastest
payments processing network, connecting consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. MasterCard’s products and solutions
make everyday commerce activities – such as shopping, traveling,
running a business and managing finances – easier, more secure and
more efficient for everyone. Follow us on
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Media:MasterCardSarah Ely,
914-249-6714sarah_ely@mastercard.com
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