NFC Times Exclusive – Both Visa and Mastercard have set deadlines for ending support for alternate PANs that a number of banks are issuing for their mobile payments apps, as the schemes continue to push their own tokenization services to issuers, NFC Times has learned.
Alternate PANs are separate card account numbers that many banks are using as a form of tokenization to add security for their mobile payments services that are based on NFC host card emulation technology. The deadlines by the schemes put pressure on the banks to move to tokenization complying with guidelines of EMVCo, the proprietary standards organization owned by Visa, Mastercard and four other global schemes.
Mastercard has set a deadline of the end of 2018 for all mobile payments services, including those already in operation, to move to EMVCo-based tokenization, according to a bulletin that went out to issuers globally, NFC Times has learned. And it will stop supporting the alternate PANs for all new mobile payments services after the end of this year, said a source.