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          • Term
            • payment tokenization
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          • Definition(s)
            • Tokenization is the process of protecting sensitive data by replacing it with an algorithmically generated number called a token. Often times tokenization is used to prevent credit card fraud. In credit card tokenization, the customer’s primary account number (PAN) is replaced with a series of randomly-generated numbers, which is called the “token.” These tokens can then been passed through the internet or the various wireless networks needed to process the payment without actual bank details being exposed. The actual bank account number is held safe in a secure token vault. Harish Gupta, NEC Technologies India Pvt
          • Example sentence(s)
            • Businesses with a base of repeat customers find mobile payment tokenization especially convenient in allowing purchases and refunds with a single click or none at all. - globalpayments Integrated by
            • The Opayo payment tokenization solution will capture all of the shopper's card details that will be stored on the system. Later when processing future transactions, you will send us the “token” that has already been created, instead of requesting the customer to re-enter their card details. - Opayo by
            • Consequently, businesses should consider developing payment tokenization systems to ensure that they safeguard the information of their consumers, while also navigating towards the future effectively. - paymentsjournal by
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