Apple Pay a step closer as MasterCard’s ‘tokenisation’ security feature nears

The Australian Financial Review is reporting MasterCard is close to rolling out a security feature that is needed for Apple to launch its mobile payment system, Apple Pay, in Australia, according to the company’s local boss.

MasterCard’s Australian country manager Andrew Cartwright said the final launch date of its “tokenisation” service depended on the banks, but he expected it would be released in the “very near term”.

Tokenisation is a security feature that replaces credit card information with a randomly generated, single-use number for each transaction, protecting cards from fraud if the number is stolen or compromised.

“Australia is the leading country globally in terms of contactless payments, so this market would be a very logical market for mobile phone payments,” He said.

“What we’re actually seeing in Australia is consumers use less cash, and that means there is more electronic payments and that is a positive.”

So BANKS please hurry up!!!!!

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