Today, at the Mobile World Congress, Mastercard and the Russian company CardsMobile introduced a universal tokenization platform based on the Mastercard Digital Enablement Service (MDES).
The new platform provides issuing banks of any country with a service in transferring existing and issuing new Mastercard cards both for their clients' smartphones and wearable “smart” devices that support contactless payment technology - key fobs, microchip jewellery, car keys, watches, and other gadgets.
The innovative solution Cardsmobile demonstrated at the congress session has been certified by Mastercard as an open wallet and aggregation platform. To date, the parties reached an agreement about connecting a whole host of Russian banks to the service.
The first to join the Cardsmobile platform were manufacturers of wearable devices: ISBC with the product line ISBC Key (a unique patented design appreciated in Russia and abroad), Rosan Diamond with its exclusive jewellery and PayRing that introduced smart rings. For the first time, the Mastercard stand exhibited jewellery rings made of precious metals with payment facilities, such as a unique patented PayRing design launched on the Cardsmobile platform. Up to the moment, only ceramic products were available on the market.
Dmitry Tartyshev, the Business Development Director of Mastercard in Russia:
“All over the world, we work to make modern payment technologies and solutions as widely available as they can be. In Russia, one of the most dynamic and innovative markets, we work in cooperation with major tech companies to give the Mastercard holders the opportunity to pay in the place, time and way that suits them best. Cardsmobile is our strategic partner in this area and we are happy to announce the launch of a universal card tokenization platform ideal for sharing business worldwide. "
Kirill Gorynya, CEO in Cardsmobile:
“Our company has been a Mastercard strategic partner in the area of developing contactless payments in Russia for over six years. The Cardsmobile technologies make contactless payments available to millions of Mastercard holders in Russia, and, now, we are happy to introduce the new solution - a universal geographically unlimited payment card tokenization platform. We are open to cooperation and invite Russian and foreign issuing banks and manufacturers of wearable devices to join the service. "
Sergey Lazarev, PayRing CEO:
“PayRing sets the standards for nextgen payment devices. We were among the first in the world to implement the idea of card payment using such a convenient form factor as a jewellery ring. Our mission is to provide payment card issuing banks and their clients with a convenient and secure tool to pay for purchases and services. Together with Mastercard and Cardsmobile, we offer a modern dedicated product protected by advanced payment security standards and possessing aesthetic value."