Digital Tokens, a must for mobile payments
The world is talking about mobile payments as we all prepare for the launch of the iWatch and iPhone 6 and the rumours are hot as pundits attempt to predict every detail of the Apple announcement. When it comes to mobile payments there is one thing for sure and that is Tokenisation will form part of the solution.
Online fraud is the biggest issue that all merchants who offer online payments need to address as security is one of the biggest concern for consumers and has impacted adoption. So if mobile payments is going to become mainstream then something different needs to be done.
This is why last year Visa, MasterCard and American Express introduced a new standard for digital payments. The new Digital Token removes the need for a merchant to store the traditional 16 digital credit card number and will be started to be rolled out by Visa this month.
So if Apple already use tokenisation in delivering part of the Touch ID solution you would expect to see that with any mobile payment solution that they bring to market will have this as a key part of the solution.