At the Mastercard Innovation Forum 2019 on 19 June, the adoption by Axerve of the Mastercard Digital Enablement Service (MDES) for Merchants was announced. This solution enables online retailers and payment service providers to offer tokenization services for simple, fast and secure payments in our country as well.
“In a highly digitalised world, MDES is the result of the constant work of Mastercard side by side with merchants, to guide and support them with products and services capable of best meeting consumer needs.”
Michele Centemero, Italy Country Manager of Mastercard
This service uses a combined token with a specific cryptogram linked to the transaction to provide security solutions for transactions with cards registered on websites online equivalent to those made with a physical card, in any purchasing situation and using any device.
The service helps retailers to reduce fraudulent transactions and the relative costs to a minimum, while also improving transaction approval rates.
As a premium partner of this project in Italy, Axerve will make the MDES for Merchants solution available to all of its customers, as well as Zurich Connect, a top retailer in the pilot project. Indeed, our mission is to simplify payment acceptance and create all of the possible conditions for our customers to reduce cart abandonment rates and boost sales possibilities, thus supporting their economic growth.
“We are excited to be Mastercard’s partner in the implementation of a project that represents a fundamental step in our evolution towards greater transaction security, which also translates into improved conversion in the payment phase.”
Alessandro Bocca, General Manager of Axerve
Zurich Connect, the Zurich Group’s brand in Italy that has been the face of online insurance “for 150 years”, as their recent TV ad claims, will be the first to adopt MDES for Merchants thanks to Axerve.
“I am happy to be able to offer our customers the possibility of purchasing online even more simply and securely. This is value added for our model, which is fast and flexible, but has always been based on the experience and professionalism of the Zurich Group.”
Angela Cossellu, CEO of Zurich Connect
Mastercard supports the efforts of online retailers who are constantly seeking out more cutting-edge solutions to improve the customer experience and, thanks to MDES for Merchants, is it guaranteeing a significant reduction in the risk of account data being compromised, enabling online retailers to store not customer card information, but rather unique tokens for that retailer and that channel.
MDES for Merchants also makes it possible to reduce the impact of any security breaches since compromised tokens cannot be used outside the specific Ecommerce channel. Lastly, dynamic identity data help to increase approval rates and, as a result, the number of successfully completed sales.
Since today the majority of residual fraud takes place online, many consumers are still reluctant to save their card information on their favourite websites, even when this would facilitate their purchasing experience. Now, with the adoption of MDES by retailers, they can provide a further guarantee to their customers, offering even more secure digital transactions that allow them to make fast, easy payments.
MDES for Merchants leverages the MDES (Mastercard Digital Enablement Service) tokenization service already implemented by all of the major banks for the digitalisation of their cards in the wallets of the digital giants.
The genesis of the concept of open banking stems from the introduction of PSD2, the EU initiative to contribute to the development of a more open and collaborative financial ecosystem. But what exactly are we talking about when we use this expression?
The technological innovation of the last few years has contributed to the success of smartphones whose functions have improved hand-in-hand. Now we do everything with our phones, including paying for purchases in store and on-line.