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Credit companies seek global payment standard

MasterCard, Visa and American Express are working on a "token" standard to simplify digital payments.

MasterCard, Visa and American Express are proposing a new token-based standard to improve the simplicity and security of online and mobile payments.

Is a new global payment standard in the works? (Credit: MasterCard)

The token would eliminate the need for users to enter account numbers or credit card details to make payments.

A token system would also allow users or institutions to put limitations on the types of purchases made.

"Tokens can be restricted in how they are used with a specific merchant, device, transaction or category of transactions," the companies said.

Numerous companies are making plays at the online and mobile transaction market, but there is currently no simple and global standard for how these payments are made.

The companies involved with the token plan have said that they will unveil more details and show their framework to other stakeholders in the coming weeks.