Buzzwords and technologies come and go. Contactless, host card emulation, mobile wallets. These all burst into the news and our collective consciousness, and over time have faded to a constant murmur of announcements, specification updates and analysis.
Tokenization is one such word. Look at any of the big payment conferences over the last two years and you will see tracks and sessions dedicated to tokenization. And with good reason.
Mobile payments security
This technology is now a required security component of mobile payments. It ensures sensitive payment data is not shared as part of a mobile payment, meaning it cannot be stolen and used fraudulently.
But as the buzz dies down and these phrases enter the common payments lexicon, it’s important that stakeholders don’t underestimate the task of implementing, and integrating with, the tokenization infrastructure.
Tokenization – things you need to know
There are many strategic and business decisions to be made. For example, banks need to decide where to source tokenization services from, or indeed whether to become their own token service provider (TSP). Schemes are also looking to integrate with more banks and bring them on board quickly and efficiently.
And then there’s the complexity. As more banks need to connect to more schemes to access more OEM Pay platforms, the tokenization web becomes even more complex.
Fear not, though. Rambus is working hard with the ecosystem to solve these issues. Download the below eBook for an introduction to tokenization and valuable insight into the key decisions. Also, read this blog to see how we’re simplifying banks’ and schemes’ tokenization activity.