Payment tokenization

Customers’ card details are securely saved on file, so when they return to pay at a later date, they can speed through the checkout with ease, with the process facilitated by one-click payments.

Tokens can be used for recurring billing and subscriptions by allowing merchants to store card details securely for repeat payments.

Thanks to minimising the storage and transmission of sensitive card information, tokenization simplifies complying with PCI DSS (Payment Card Industry Data Security Standard), GDPR and other regulatory frameworks. According to the PCI DSS: "Tokenization solutions do not eliminate the need to maintain and validate PCI DSS compliance, but they may simplify a merchant’s validation efforts by reducing the number of system components for which PCI DSS requirements apply."

Network tokens are unique digital identifiers used to supply symbolic placeholder data instead of the 16 digit primary account number (PAN) and remain the same when the card is replaced. For example, should a consumer report their card lost or stolen, the card issuer simply updates the token - also updating it on the merchant’s system as the “card on file”. This means the shopper does not have to enter any details from the new card, as they have already been updated.

Fraudsters cannot trace the tokens back to the payment information securely stored by the payment provider. The risk of data breaches and fraud is greatly reduced because the actual card details are not exposed during transactions.