A new study reveals 38% of payments made throughout Europe will be digital by 2020.
To facilitate this digital payment migration MasterCard MDES is paving the way in Europe. The MasterCard Digital Enablement Service (MDES), which enables every commerce device to make payments through industry-standard tokenization.
First launched in the US in 2014 with Apple Pay, today card issuers and wallet service providers have MDES projects in progress in 18 countries across Europe.
In the UK, MDES already connects banks representing more than 70% of UK account holders to Apple Pay. Among digital wallet operators connecting to MDES, Google recently announced their intention to launch Android Pay in the UK.
Launched in 2013, MDES serves as the foundation of secure digital payments, ensuring consumers have the highest level of safety and security, no matter how they pay. The launch of Apple Pay in 2014 incorporated MDES into Apple’s digital wallet, which was quickly followed by Samsung Pay and Android Pay adopting the platform.
In addition to consumer adoption through digital wallets, MasterCard is making it easier for issuers and merchants of all sizes to gain access to tokenization services with MDES Express and MDES for Merchants. MDES Express marked a critical evolution for the service by streamlining the contracting process between financial institutions and digital payment services.
Additionally, MDES for Merchants, provides online merchants a token solution, in combination with a transaction-specific cryptogram, to deliver EMV-based security for card-on-file transactions. The service helps merchants minimize fraudulent transactions and associated costs, reduce the risks and costs associated with storing card numbers, and has the potential to improve approval rates.
The platform is also being used to deliver payments to a wide array of consumer products across the automotive, fashion, technology, and wearables categories, giving consumers the freedom to shop using the device that is most convenient to them, with the highest level of security available.
At Mobile World Congress 2016, MasterCard and Coin announced a developer program for accelerating the integration of payments into wearables that significantly reduces the barrier to entry for device manufacturers. Developers now have access to MDES and Coin’s proprietary technology for enabling payments in a scalable way.
For a complete archive of more than 60,000 articles published since 1995 search the CardFlash.com library.