Will tokenization eat EMV’s lunch?
by: Michelle Thornton
With so much news about tokenization this week, it’s easy to forget about that other security issue we’ve been debating about this year: EMV.
In many ways, EMV is tokenization’s opposite twin. EMV adoption has been years in the making. Tokenization hit the scene like a lightning bolt. EMV works with an existing format: plastic cards. Tokenization aims to make plastic cards obsolete. Tokenization carries with it the Apple mystique. EMV? Not so much.
It’s not surprising, then, that many now wonder whether tokenization will eat EMV’s lunch – making the issue of EMV strategy and adoption irrelevant. Who needs EMV when you’ve got tokenization, right?
Well, choosing between tokenization and EMV is a little like choosing between your twin children. It’s the wrong idea. For reasons that go beyond the sentimental, you want both.
In the simplest possible terms, tokenization is designed to enhance security on cardless transactions – mobile and online commerce, as well as contactless point of sale. EMV secures card-based transactions, using a specialized chip housed right in the plastic. Each technology is brilliant at what it does. And each one is less brilliant at standing in for the other.
With so much news about tokenization this week, it’s easy to forget about that other security issue we’ve been debating about this year: EMV.
In many ways, EMV is tokenization’s opposite twin. EMV adoption has been years in the making. Tokenization hit the scene like a lightning bolt. EMV works with an existing format: plastic cards. Tokenization aims to make plastic cards obsolete. Tokenization carries with it the Apple mystique. EMV? Not so much.
It’s not surprising, then, that many now wonder whether tokenization will eat EMV’s lunch – making the issue of EMV strategy and adoption irrelevant. Who needs EMV when you’ve got tokenization, right?
Well, choosing between tokenization and EMV is a little like choosing between your twin children. It’s the wrong idea. For reasons that go beyond the sentimental, you want both.
In the simplest possible terms, tokenization is designed to enhance security on cardless transactions – mobile and online commerce, as well as contactless point of sale. EMV secures card-based transactions, using a specialized chip housed right in the plastic. Each technology is brilliant at what it does. And each one is less brilliant at standing in for the other.
– See more at: http://co-opinsightvault.com/2014/09/will-tokenization-eat-emvs-lunch/#sthash.FpJspILp.dpuf
With so much news about tokenization this week, it’s easy to forget about that other security issue we’ve been debating about this year: EMV.
In many ways, EMV is tokenization’s opposite twin. EMV adoption has been years in the making. Tokenization hit the scene like a lightning bolt. EMV works with an existing format: plastic cards. Tokenization aims to make plastic cards obsolete. Tokenization carries with it the Apple mystique. EMV? Not so much.
It’s not surprising, then, that many now wonder whether tokenization will eat EMV’s lunch – making the issue of EMV strategy and adoption irrelevant. Who needs EMV when you’ve got tokenization, right?
Well, choosing between tokenization and EMV is a little like choosing between your twin children. It’s the wrong idea. For reasons that go beyond the sentimental, you want both.
In the simplest possible terms, tokenization is designed to enhance security on cardless transactions – mobile and online commerce, as well as contactless point of sale. EMV secures card-based transactions, using a specialized chip housed right in the plastic. Each technology is brilliant at what it does. And each one is less brilliant at standing in for the other.
– See more at: http://co-opinsightvault.com/2014/09/will-tokenization-eat-emvs-lunch/#sthash.FpJspILp.dpuf
