Contactless payments: The future of digital payment technologies

Although gaining traction has been slow, contactless payments are now poised to take consumer marketplaces in the United States by storm. Mirroring the acceleration of digital transformation, a push for convenience and security have widened the appeal of going contactless.

Financial institutions that wish to get ahead of the competition should seek to provide or facilitate contactless payment tools and technologies like tokenization in digital wallets, contactless EMV and push provisioning for their customers. In all cases, instantaneous payments with minimal friction is the consumer expectation.

What is Tokenization?

Tokenization is the process of replacing sensitive card data with unique identification symbols, or tokens, which retain all the essential information about the data without compromising its security. The vital part of this process is ensuring a consumer’s card credentials are untraceable by replacing the card number with a unique token.

 

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