Secure mobile payments: Staying top of wallet with tokenization

first_img 80SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr With the launch of Apple Pay™ and changes to other mobile wallets, consumer interest in mobile payments is accelerating. Just as Apple Pay and others solve for ease of use with frictionless mobile payments at the point of sale, tokenization helps ensure those payments are secure – and keeps your financial institution central to the consumer payments experience.To make sure consumers are using your financial institution’s card for mobile payments, make it as easy as possible for consumers to add their cards to apps. Ensuring your cards meet requirements to be used through these services is just as important. In the case of Apple Pay, a card has to have tokenization capabilities to be used through the service.Tokenization, now the standard for mobile payments security, enhances the security of online and mobile transactions by replacing the traditional payment card account number (PAN) with a unique string of digital numbers, or token, so that sensitive account information is never shared. Apple Pay is the first use case of tokenization, but others are following.Many financial institutions have taken a wait-and-see approach to implementing mobile payments, including tokenization capabilities. However, several factors are coming together that signal a tipping point in mobile payments. continue reading »last_img

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