What is Card-on-file EMV Payment Tokenization
The way we pay is changing. Consumers are now using their PC, smartphones, wearable devices and even cars to buy goods and services. The size and value of the card-not-present (CNP) market, therefore, is increasing exponentially as payment use-cases across e-commerce, m-commerce and the Internet of Things (IoT) emerge and mature. Although payment methods utilizing card-on-file offer convenience, they also create challenges. EMV payment tokenization can significantly enhance the security of card-on-file payment methods, while increasing convenience and simplifying the user experience.