EMV Tokenization for all devices, channels, and payment use-cases
One card, multiple payments
Let's start with an EMV tokenization definition.
EMV Tokenization is the process of digitizing a single physical payment card into several independent digital payment means through tokens.
And understand its flexibility.
EMV Tokenization is extremely valuable in a context where we are using an ever-increasing number of wallets supporting multiple channels and payment use cases.
The same credit card can have as many tokens as the end-user has enabled devices - such as smartphones and wearables, and wallets such as OEM-Pays.
Besides, as the EMV tokenization is omnichannel, it can be used for in-store, in-app, or online payments. It all depends on the individual usage scenario.
Tokens simplify life-cycle management because they can be suspended or deleted for a particular usage or device without impacting any other tokens in use – they are entirely autonomous.
Credit card tokenization
EMV Tokenization converts sensitive cardholder information into a unique token or digital identifier that can be securely deployed into different devices or stored in the cloud.
The token does not expose any actual account details. The cardholder does not know any details about the virtual account number
Card credentials are secured and stored inside a vault, outside the device, and away from risk.
For every transaction, the token must be coupled with a cryptogram
. Otherwise, it is useless.
This combination adds another layer of security and is also required for any payment types, including proximity and e-commerce.
Let's go a little deeper.
How EMV tokenization in payment works
The EMV Tokenization Platform
converts the primary account number or PAN
into tokens deployed inside different devices.
- Step #1: When the end-user taps their device on a reader to pay, the token provides the payment credentials to the network.
- STEP #2: The EMV Tokenization Platform then verifies the validity of the transaction, checking it’s the right token from the right device for the proper payment use case.
- STEP#3: Then, it uses the token vault to convert the token back into the PAN and recalculates the related cryptogram before requesting financial authorization from the issuer.
It’s as simple as that!
What is EMV tokenization in payment?
The EMV tokenization process in detail.
A must-have for payment today
In a world of digital payment, EMV tokenization is more than mainstream: It's a must-have.
Every player in the digital payment flow needs token technology: from payment card-issuing banks to payment processors, from domestic schemes to retailers, and from private-label issuers to manufacturers of wearables.
EMV Tokenization requires less computational power than encryption.
The tokenized information to be processed fast and with fewer computer resources.
It's a key aspect as the volume of payment transactions can be high, and response time needs to be very fast.
An agnostic approach to EMV tokenization
Deploy your digital payment solution securely and easily with Thales and digitize your complete card portfolio with us.
Our technology integrates seamlessly with all international payment brands such as Visa and MasterCard and domestic schemes and white label EMV.
Our solution handles both card digitization and EMV tokenization.
Thales' Trusted Service Hub (TSH) allows you to select the EMV tokenization platform of your choice:
- If you're an issuer or a wallet provider planning to digitalize open-loop cards, then use our existing connections to international and domestic scheme TSPs, like VTS for Visa and MDES for MasterCard, or domestic or co-branded cards. If you're focusing on a close loop, then you can rely on Thales' own TSP.
- If you represent a scheme that has yet to define your EMV tokenization platform, then make Thales' TSP your own.
Payment cards can be digitized securely and seamlessly into your wallet, the major OEM Pays or other partner wallets, as well as connected devices, using Thales'own TSH.
- We are a trusted partner with strong references and close relationships with all the major OEMs
- We can smooth your deployment, providing one single connection to issuers and/or wallets all over the world.
- We are compliant with all the major payment systems, including Visa and MasterCard, as well as with domestic payment schemes and white label EMV
- Our bank consultants can help you define your payment strategy and implementation.
Thales offers global reach and support.
More resources on tokenization in payments
EMVCO- EMV payment tokenisation - latest update of June 2019
Credit card tokenization from nerdwallet - June 2020
Tokenization as a Future of Payment Security - Payments Journal of October 2019
The Payment Card Industry Security Standards Council: PCI DSS compliance
It's your turn
Get in touch with us if you are interested in learning more about card digitization
and EMV tokenization
and how we can help you start with digital payment
or contactless payment.
Just leave a reply in the contact form at the bottom of our page, and we will contact you.