How to make Online Payment Safer with Card Tokenization
What is Card Tokenization? Card tokenization is a simple process of anonymizing sensitive information on a recipient’s card (like the card number, expiration date, and security code) with a personalised and unique identifier, or a token, which acts as a stand-in for the actual card data and can be used for all transactions. With this code, sensitive information is securely stored away from curious eyes which significantly reduces the risk of unauthorised access and fraud. How does Tokenization Work? Tokenization begins when consumers enter their credit card information on a website or mobile application and agree to store their card details by giving explicit consent to the merchant. After consent is given by the customer, instead of retaining the real card information, the payment gateway or the merchant generates a token through card networks, issuer banks, or specialised tokenization platforms like Wibmo Token Hub. This tokenization technology generates a unique token associated wit...