Payment Tokenization Solution Offered By MeaWallet

Innovation, News | April 29, 2019 By:

Norwegian digital payments provider MeaWallet is offering a new payment tokenization solution that delivers Mastercard, Visa and American Express tokenization services through a single connection.

MeaWallet develops globally recognized proprietary, platform-agnostic tokenization technologies for banks and card issuers. The company is a Mastercard Engage Platinum Partner, part of the Visa Token Service Ready Program and an American Express GNS partner for Amex Pay. Last month, the firm announced the completion of its transition into a refinanced independent entity, following a management buyout enabled by a substantial capital injection from venture capital firm Idekapital Fund 1.

The new solution, called MeaWallet Merchant Tokenization, connects merchants, PSPs and acquirers to the Mastercard Digital Enablement Service (MDES), the Visa Token Service (VTS) and the American Express Tokenization Service, so they can benefit from each of the globally interoperable and scalable tokenization platforms through one easy integration.

The solution will benefit merchants by enabling them to ensure its customer’s stored card payment details remain valid throughout the card expiry and reissuance process, without the customer needing to update them manually.

“This guards against the loss in sales that results from out of date card transactions being automatically declined,” MeaWallet said. “In a token-on-file model, the issuer ensures that new cards are automatically mapped to the merchant’s payment token, which removes the need for the customer to update their credentials and thus enhances their buying experience.”

MeaWallet CEO Lars Sandtorv said that his company has been working with the major payment schemes to deliver their payments technologies to financial institutions since 2013, and is now one of just a handful of providers to extend its offering to enable merchants and PSPs to access the services of multiple major schemes without the technical friction associated with connecting to each platform.

“Tokenization has become a cornerstone of secure digital payments and is a core focus for MeaWallet,” said Sandtorv. “We support banks, merchants and other financial institutions with both the knowledge and the technology solutions needed to simplify their implementation of tokenization services, so they can focus on delivering value added services and other digital features that differentiate them in the marketplace.”