TSYS has introduced a tokenisation service to secure payment card information for purchases made through mobile and digital wallet technology.
The service is offered as part of TSYS’ Connected Mobility agenda, which supports payments, communications and e-commerce with the use of API interfaces and consumer-facing applications.
The security measure works by substituting a card’s primary account number (PAN) with a token. The token acts as a third party shelf for the data while it is transmitted, lodging it securely within the issuer’s or retailer’s systems. The value attributed to the token can be checked at any time with assigned decryption keys.
"Retailers and consumers alike want to conduct transactions and protect personal data with confidence and security. By putting people at the centre of payments, our solution delivers on this promise," said Paul Bridgewater, global product group executive, TSYS.
Businesses can use tokenisation to make recurring transactions easier for their customers and reduce online shopping check-out abandonment rates. TSYS said he tighter security it provides for retention of card details in token form increases consumer confidence.
TSYS followed best practice procedures and mandates adhered to by Visa, Mastercard and American Express for securing payments using tokens generated by customers’ mobile devices, a spokesperson said.