Technology is advancing rapidly and tokenized payment cards are a part of its evolution. Gone are the days of keying in long card numbers, expiry dates and CVV codes and hoping for the best. Instead, tokenized cards offer heightened security and improved transaction processes for digital payments. But what are they all about and how is Wallester leading the way as a pioneering provider of such payment solutions? Let’s find out.
What Are Tokenized Payment Cards?
Tokenized payment cards have been a significant advancement in payment security. They offer heightened protection against fraud and unauthorised access to card details. When you understand the fundamentals of what this means, you can really appreciate the advantages it brings to digital payments.
Essentially, tokenization substitutes the card’s real details (the long card number, the expiry date and the CVV) with unique tokens. This acts as a one-time replacement during transactions and so mitigates the risks of the real data being exposed and stolen.
How Tokenization Works
A token is generated when a transaction is initiated. This means the card’s details are sent into a system that generates a unique token to represent the card details.
The token is used instead of the real card details throughout the transaction. And so, no one can access the real numbers.
The token is then mapped securely to the actual card details by a trusted third party. Essentially, it is decrypted back into the original details.
The Benefits of Tokenization
There are a number of benefits to tokenization. These include:
Improved Security
Tokenization reduces the risk of fraud. It prevents sensitive card information from b ..
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