The use of mobile payments is expected to continue to rise and become the second most popular payment method after debit cards by 2022. In 2017, China’s mobile payments market was estimated at $17 trillion. The growth of mobile payments depends totally on the prevention of data breaches, and for this, there is an important technology that should be designed into the mix of security mechanisms: Tokenization.
This article discusses how tokenization may reduce false declines with credit card transactions that could negatively impact merchants.
Tokenization is a generalized concept of a cryptographic hash. It means representing something by a symbol (‘token’).
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.
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.
The concept of a token has been used in the digital world for almost 50 years to separate and protect real data elements from exposure. In recent times, the concept of tokenization has been used as a security mechanism for protecting sensitive data.
