NEW YORK, Nov. 16, 2017 /PRNewswire/ -- Token, the mobile app that enables individuals to shop securely by disguising their payment details, is partnering with Marqeta to provide security to consumers via the Mastercard global network. Through the partnership, Token users will be able to make safe purchases at every store and merchant that accepts Mastercard online or over the phone worldwide.
More than 46 percent of American cardholders experienced credit card fraud over the past five years. Token eliminates the possibility of payment fraud or identity theft by creating an alternative, pseudo identity with an alias card number and name, in seconds, on the spot. The alias is then connected to the purchase, protecting consumers from merchant or retail breaches because their personal information is not held by those businesses.
"With breaches becoming a daily occurrence, we believe that consumers should have the ability to control their privacy, including their payment instruments," said Dave Matter, Chief Product Officer at Marqeta. "Token introduces an innovative and very intuitive way for consumers and businesses to protect themselves from payment fraud online or over the phone. We are happy to partner with the Token team to provide a platform that can strengthen security and safety."
With Token, consumers simply link their United States-based payment account through a quick, simple process on the app. Once ready to make a purchase, they can generate a new payment alias or "token" per merchant or even per transaction. Token allows consumers to pay for anything, anywhere and at no additional cost. By partnering with Marqeta and Mastercard, Token becomes the most widely acceptable payment security solution available.
"The payment industry is changing. Recent data breaches have proven that security needs to remain top of mind for both businesses and consumers," said Zohar Steinberg, Founder and CEO of Token. "Today's consumers understand that it's time to take matters into their own hands, because the people we all trusted to protect our sensitive information keep failing. Token is built on the fundamental idea that the best way to protect information is simply not sharing it in the first place."
Token is a free-to-use mobile app that enables individuals to pay for goods and services anonymously using a pseudo card number and name. Token adds an identity protection layer between the consumer and the payment ecosystem, including credit card companies, banks, and issuers. The app instantly creates aliases associated with the consumers' bank account or credit card to avoid using consumers' real identity and to eliminate any opportunity for fraud. Integrated with mobile devices, Token defines a new standard for payment security with advanced security capabilities from encryption, to proprietary algorithms, to biometrics. Join Token at www.jointoken.com.
Marqeta is the first modern card issuing and core processing platform, powering prepaid, debit and credit cards for the world's top commerce innovators. Marqeta's advancements represent the first fundamental updates in the past twenty years to card issuing platforms, a $30 trillion addressable market covering all possible cardable spending. Marqeta employs more than 135 people and is headquartered in Oakland, California. For more information, visit Marqeta on our website, Twitter, and LinkedIn.
Media Contact: North 6th Agency, Inc.