EMV Tokenization for all devices, channels, and payment use-cases
The same credit card can have as many tokens as payment tools.
One card, multiple payments
Let's start with an EMV tokenization definition.
EMV tokenization is digitizing a single physical payment card into several independent digital payments means through tokens.
EMV Tokenization, in particular, is extremely valuable in a context where we use 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 like OEM-Pays.
Besides, as 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 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
When the end-user digitizes his payment card, the tokenization platform converts the primary account number or PAN into EMV Tokens deployed on different wallets and eMerchants.
- Step #1: When the end-user performs a payment online, in-store or in-app, the merchant provides the token and related cryptogram as part of the authorization request to the network.
- STEP #2: Then, the Tokenization Platform verifies the transaction's validity and checks that it is the correct token of the right wallet or eMerchant.
- STEP#3: It then uses the token vault to convert it back to the primary account number (PAN) and recalculate the related cryptogram before requesting transaction authorization from the issuer.
It's as simple as that!
What is EMV tokenization in payment?
The EMV tokenization process is in detail.
Every player in the digital payment flow needs token technology: from payment card-issuing banks to payment processors, domestic schemes to eMerchants, and private-label issuers to wearables manufacturers.
Key for payment today, EMV tokenization is more than mainstream in digital payment: It's a must-have.
An agnostic approach to payment tokenization
Deploy your digital payment solution securely and efficiently with Thales and digitize your complete card portfolio with us.
Our technology integrates seamlessly with all international payment brands such as Visa and MasterCard, 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, 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, and connected devices using Thales'own TSH.
- We are a trusted partner with solid references and close relationships with all the major OEMs
- We can smooth your deployment by connecting to issuers and wallets worldwide.
- 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.
Thales is a key enabler in tokenization in banking.
More resources on tokenization in payments
It's your turn
Contact us if you want to learn more about card digitization
and payment tokenization
and how we can help you start with digital
or contactless payments.
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