MeaWallet, a leading digital payments enabler specializing in card tokenization, today announced several updates to its products in support of Click to Pay. The Click to Pay payment method is designed to deliver a seamless and secure online payment experience, enhancing both convenience and speed for consumers and merchants.
MeaWallet product updates support businesses facing mandatory regulatory requirements that state they must support Click to Pay, as well as those aiming to offer customers an advanced, user-friendly online checkout option.
Click to Pay, described by Mastercard as the e-commerce counterpart to contactless cards, leverages the Secure Remote Commerce (SRC) Framework. With Click to Pay, users can simply click the Click to Pay icon when they see it on an online merchant’s checkout page and pay securely with their preferred card. Developed collaboratively by Amex, Mastercard, and Visa and supported by EMVCo standards, Click to Pay offers the same security, convenience, and ease of use that consumers expect when making in-store purchases.
The foundation of Click to Pay’s security lies in tokenization, which replaces sensitive card data, such as card numbers and CVVs, with unique, digital tokens. By eliminating the need to store sensitive information on merchant servers. This capability not only makes online shopping safer but also increases transaction approval rates, delivering a smoother, higher-conversion checkout process for retailers.
Thomas B Normann CPO at MeaWallet, commented: "As digital payment adoption continues to grow, MeaWallet remains focused on delivering solutions that meet consumers’ demand for speed, security, and ease of use. That’s why we are thrilled to launch updates to our products in support of Click to Pay. With tokenization as a cornerstone of its foundation it is transforming the online checkout experience by eliminating the need for manual card entry."
With the launch of Click to Pay, the major payment networks have also introduced new requirements for issuers. The new features of Mea Push Provisioning and Mea Token Control aims to help issuers meeting these requirements, with minimal technical effort. These features include:
Auto Enrolment (Issuer-Initiated): In regions where regulations permit, cardholders are automatically enrolled in Click to Pay without requiring any action on their part, ensuring a quick and straightforward start to safer payments.
Push Provisioning (Cardholder-Initiated): For cardholders opting into Click to Pay through their issuer’s app or website, enrolment is a simple process they can complete at their convenience.
Consumer Details Management (Lifecycle Management): Through Lifecycle Management API integration, users can manage their Click to Pay profiles and payment cards after enrolment, ensuring control and flexibility.
As digital wallets grow in popularity, two-thirds of respondents in a recent survey from the U.S. (63%) and U.K. (68%) indicated they prefer the simplicity and speed digital wallets provide – with nearly half of U.K. shoppers (49%) stating they find digital wallets easier than manually entering card details. In the U.K., digital wallet usage surged from 14% in 2017 to 47% in 2022. With global digital wallet transactions projected to reach nearly $25 trillion by 2027, MeaWallet’s products are ideally positioned to support the deployment of Click to Pay for issuers, leveraging this rapid shift.
