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Technology Drives Mobile Payments Security

Tokenization is a leading driver behind the adoption of mobile payments, according to Visa. The company’s global head of mobile products, Bill Gajda, believes that the introduction of tokenization is making the mobile payments space more secure. As such, consumers are more likely to participate in mobile commerce and businesses are feeling more comfortable about protecting the information of these consumers. More platforms are expected to adopt tokenization in the coming years, with the newSamsung Pay service supporting digital tokens when it launches later this year. Tokenization is a relatively new practice in the mobile commerce space. The process involves attributing digital tokens to financial information at the time a mobile transaction is made. Most mobile payments platforms require users to link their credit or debit card information so they can be used. When a transaction occurs, a sequence of numbers is attributed to this information, which can be used to authenticate a payment. Through this process, no financial information is actually passed from consumer to merchant, making the transaction sector for all parties involved.

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