Steven Anderson of PaymentWeek recently observed that tokenization is a critical aspect of the mobile payments revolution.
Essentially, tokenization protects payment credentials by replacing them with a randomly generated number that resembles the customer’s primary account number (PAN). The unique identifier, known as a ‘payment token’ or ‘tokenized PAN’, is worthless if stolen, as it acts as a reference for a consumer’s original card data which only the card networks and the consumer’s bank can map back to the original account.
