The digital transformation has changed the way businesses interact with their customers and smart phones are helping them to meet their ever changing needs. Customers want to purchase goods at any given time or place on any device and they expect their experiences to be quick, secure and easy to use.
Mobile wallets:
Provides an agile platform for exciting new products such as loyalty programs and travel applications
Give customers piece of mind if their card is compromised or expired and they need a quick replacement
Conveniently replace and manage multiple plastic cards
The case for digital wallets
Mobile communications offer major opportunities to advance human and economic development – from providing basic access to health information to making cash payments, spurring job creation, and stimulating citizen involvement in democratic processes”
– Rachel Kyte, World Bank Vice President for Sustainable Development
What is tokenization?
It is a payment security technology that replaces sensitive cardholder details with a “virtual card number” during payment transactions without ever exposing the cardholders original account information. Tokenization allows users to store credit card information in mobile wallets without exposing the original card information. It was primarily designed to fight online or digital breaches.
Benefits for Issuers:
Retain control
Reduce IT costs
Value added extra services
End to end security
Reliability & scalability
Easy deployment
