EMVCo is working on common standards for tokenization

Wed 22 Jan 2014

Organization EMVCo that develops standards for card payments, has started to develop specifications for the use of digital tokens instead of the account numbers for mobile and online transactions. Tokenization is a replacement of vulnerable payment information to a unique identifier (token) that can not be reproduced. This technology was first proposed by Visa, MasterCard and American Express in October, when the giants of card industry said that innovation will protect users while making purchases via mobile phone, tablet or PC.