Fiserv Financial Institution Clients Can Keep their Cards at the Top of the Mobile Wallet with New Tokenization Capabilities
Fiservwill offer tokenization via Visa Token Service (VTS) and MasterCard Digital Enablement Service (MDES) and will support tokenization through its own Accelnetwork
- Tokenization enhances security for a variety of mobile and online payment types
- Tokenization capabilities are required for cards to be used through the newly announced Apple Pay service
By supporting tokenization capabilities,
Tokenization is becoming a new standard in global payments to enhance security and improve the cardholder purchase experience through digital channels. Tokenization enables additional security for mobile and online payments by creating a digital account number, or "token", which acts as a substitute for a consumer's personal account number (PAN). Tokens can be used for mobile proximity payments at a physical point of sale, for mobile remote payments such as in-app purchases, and for e-commerce transactions.
"As mobile payment technology becomes more accessible and convenient, consumer adoption will accelerate," said
"In the digital age, all connected devices are becoming commerce devices and as a result we must make safety and security paramount," said
Tokenization is one element in a mobile payment security strategy. Tokenization provides a secure method for third-party enablement such as mobile wallet, near field communication (NFC), or quick response (QR) codes. It also reduces the risk of fraud in digital channels such as e-commerce. Tokenization is complementary to EMV™, which has proven to be successful at reducing fraud at the point-of-sale, as it addresses the potential for fraud to shift to the card-not-present environment of the online and mobile channels and enhances overall payment eco-system data security.
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