Gemalto‘s Trusted Service Hub can now act as a gateway for card issuers to Mastercard’s and Visa’s tokenization services, offering a single hub through which they can manage their digital issuance needs. The firm’s partnerships with the world’s two largest credit card companies should serve to dramatically extend the use of its Trusted Services Hub.
It’s a development that will be of interest not only to card issuers, but also to digital wallet providers such as retailers and OEMs seeking to move into the mobile commerce space, helping them to offer their own platforms while taking advantage of tokenization services from Visa and Mastercard. By converting payment card information into digital tokens that are useless to hackers, these services are critical for ensuring consumer security and confidence in digital transactions.
In a statement announcing the development, Gemalto Digital Payment SVP François Chaffard asserted that his firm “is already working with numerous banks and other key stakeholders worldwide to create and build flourishing digital payment ecosystems,” and said that the new partnerships with Visa and Mastercard “will strengthen these initiatives”. Chaffard added that the global mobile payments market is expected to reach a value of more than $3 trillion by 2021, citing a prediction from Euromonitor International.