MasterCard, Visa and American Express recently announced they are working on a new global standard to make online and mobile shopping simpler and safer. “Once a standard is agreed to and implemented, issuers, merchants or digital wallet providers would be able to request a token so that when an account holder initiates an online or mobile transaction, the token–and not the traditional card account number–would be used to process, authorize, clear and settle the transaction in the same way traditional card payments are processed today. Tokens can be restricted in how they are used with a specific merchant, device, transaction or category of transactions.” The new global standard covers all “traditional payment card accounts,” which presumably includes prepaid. The full announcement may be found at here.
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