FTC orders Mastercard to open debit transactions to competing payment networks
and Samsung Pay. When you go to make a debit or credit card purchase with your phone’s mobile wallet, the software substitutes sensitive information, including the primary number associated with your account, with a separate set of single-use “tokens.” Mastercard and Visa say the practice prevents fraud since tokens contain no exploitable information when they’re in transit.
According to the FTC, Mastercard has historically stopped competing networks from accessing its token vault. That means whenever consumers decided to pay with a mobile wallet, merchants had to route the transactions over Mastercard and pay the company's transactions fees, which are typically higher than that of its competitors. The Durbin Amendment calls for banks to support two competing payment networks on all debit cards.
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