In this article, we will review some of the constraints of an EMV tokenization solution when it comes to FIPS and more generally, NIST considerations.

The EMV consortium released several standards detailing how “network” tokenization should be handled. There is now a general consensus within the consortium that tokenization could be the next major task for EMV payments.

Tokenization is a generalized concept of a cryptographic hash. It means representing something by a symbol (‘token’).

EMV is short for EUROPAY-VISA-MASTERCARD. This term is used to refer to standards that have been designed to improve the security of credit and debit card transactions by using chip technology for payment cards.