VISA and Mastercard Roll Out New Tokenization Protocols

Online merchants from hi-risk industries such as gambling, will soon be presented with new requirements from VISA and Mastercard – leading financial services. According to the official report, an emergency briefing from both corporations will be held at the next year’s Prague Gaming Summit (12th of March).

Global payments and technology companies are also urging online merchants to “present legal opinions from IMGL and STEP accredited local lawyers in jurisdictions in which they operate.”

New Tokenization Technology

As already mentioned, there is a new technical framework for online transactions on the horizon, as major payment companies decided to back from EMVCo specifications group – a jointly owned enterprise with global standards for chip-based debit and credit card transactions.

Due to the growing competition for mobile and other innovative digital money transfers, VISA Checkout and MasterPass, network’s online wallets are falling behind quite a lot, according to the statistics.

As a result, CyberSource, Adyen, Rambus, G+D Mobile Security, SecureCo, Ezidebit, eWay, and Bambora have been convinced by Visa to accept its COF (credential-on-file) tokenization technology. The latest protocol will act as a gateway that allows clear connection to the Visa Token Service. This will also remove the need to store customer payments’ details in merchant’s systems.

MasterCard, on the other hand, will start rolling out new authentication protocols through its EMVCo Secure Remote Commerce (SRC) framework. The company is aiming to go live with token services by 2020.

Prague Gaming Summit Steps In

At the next year’s Prague Gaming Summit, also considered as the leading event in the region, a lot of experts from the CFD, FX, Gaming and Crypto industry will gather to discuss important topics regarding payments, that have been raised by operators.

This special panel discussion (“Emergency Briefing regarding Visa and MasterCard new requirements for Online Merchants (CFD, FX, Gaming, Crypto)”) will be honored by Stephanie Attias, Genia Gurevitz, Tal Itzhak Ron and Dr. Simon Planzer, chairs of leading brands like Tal Ron, Drihem & Co, Planzer Law etc.

The third assembling will occur on March 12th, 2019 at Vienna House Andel’s Prague; the agenda for visitors and delegates includes a whole day of learning and networking.

The Summit is focusing on gaming opportunities in the Czech Republic, Slovakia, Poland, Austria, Switzerland, Germany and Liechtenstein. According to the program, the topics will also cover artificial intelligence in sports betting, as well as responsible gaming.

Source:

“Emergency Briefing regarding Visa and MasterCard’s new requirements at Prague Gaming Summit 3”, Zoltan Tundik, europeangaming.eu, December 10, 2018.