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Visa Taking Tokenization Service to Europe

Visa Europe has announced its plan to launch a network tokenization service customized for the needs of the European market. Tokenization is one of the key technologies that drives Apple Pay. Earlier, we had reported that Apple Pay was preparing to enter the European market, with the U.K. being the first targeted nation. The tokenization service protects customer data, substituting the payment account information found on a plastic card with a series of numbers that can be used to authorize payment without exposing the actual account details. The network-level tokenization is currently part of the EMV payment specification. Apple Pay was the first mobile payment system to embrace tokenization, and has been a catalyst for the increased attention the process has been receiving in the payments field.

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