Secure mobile payments and tokenization: the five key benefits for issuing banks

At Mobile Word Congress this year, we’ve got a variety of demos on display at our stand. One of the key sections of our stand is dedicated to our Trusted Service Hub; in particular our tokenization solution is on display for all to see.

For those curious about how it looks, here it is in action.

It’s great news for issuing banks that this tokenization service is available now for mobile payment service deployment, especially as it is so easy and quick to roll out. If you’d like to know more, by all means, come to the stand (stand 5A80) and ask our team for more details. However, if you can’t make it to us just yet, here are the five key benefits that issuing banks need to know.

  1. Familiar enrollment process for end users – banks can use their existing communication channels with their customers when using tokenization in this form; for example, the apps already provided by banks, or m-commerce portals.
  1. Real time enrollment for end users – as soon as an end user requires this service, they can receive payment credentials immediately, and can use them right away.
  1. End user reach – this solution can be deployed to the maximum amount of end users possible; for example, it’s available on the latest versions of Android devices, which maximizes the reach to end users who can benefit from the service.
  1. Minimum impact on Banks’ back end systems – with tokenization, banks don’t need to issue new payment credentials. Our service creates a substitute payment credential in real time, linked to the card number of the end user, saving banks time and money.
  1. Security – the device used for the tokenization payment process doesn’t store the end user’s primary account number (PAN). This means if a device is stolen, it’ll be useless to fraudsters because they’ll only be able to access a substitute credential which has a limited use; it could even be a one-time use token. Tokens can also be linked to specific merchants, which further reduces the risk of cross channel fraud.

You can find more about how we provide this service to a number of issuing banks by downloading our brochure here. Or for more info, come to our stand where you can talk to our experts. And let us know what you think by tweeting to us @Gemalto.

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