CCR World Magazine


You are here  :Home arrow News arrow SPA publishes position on Tokenization and Protection of Card Data for Online Payments
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
SPA publishes position on Tokenization and Protection of Card Data for Online Payments Print E-mail
Thursday, 15 May 2014
Tokenization in payments has been around for years. However, in recent months tokenization has once again become a buzzword within the financial industry which is looking to add tokens to the list of alternative payment methods using card data (cloud-based accounts, mobile wallets, Google HCE).

The Smart Payment Association (SPA) considers that what’s different this time round is the standardization efforts taking place for online payments using tokens (for example, EMVCo, US Clearing House and new ANSI X.9 standard, PCI-DSS) and the fact that these efforts are being aligned with upcoming legal frameworks for e-commerce, m-commerce and data protection in several regions of the world.

However, it is not always clear how these new payment methods are positioned with respect to existing card payments; in other words, whether these are complementary or a replacement. Are these new payment methods and technical drivers bound to make profound changes in the way we do payments? The SPA’s opinion is that payment innovation breakthrough is only possible when both trust and convenience are achieved. Yet trust and convenience must be compatible with a business case for the issuers of new payment methods. Finally, the terminology used for tokens is not always consistent, which in turn contributes to the generation of additional confusion. For instance, what do we really mean by “tokens”?

In this paper, the SPA discusses the business and technical drivers for tokenization, provides initial feedback on the EMVCo Draft Framework for tokenization, and suggests ways to develop secure and interoperable online payments with a great user experience. 
 

 

The CCR World App

 

Read CCR World as an App on your iPad or iPhone.
Simply click on this link (opens iTunes as an external link) to see the CCR World iTunes Preview and download to receive a free two-week trial or go to iTunes or the App Store and search for "CCR World".

CCR Magazine


Want to know more about the UK credit scene? Then take a look at our sister magazine, CCR, the leading UK publication for senior credit industry executives.

Find out more

CCR World newswire

Sign up to our E-Newsletter and E-Alerts.

subscribe

Read The Magazine - FREE ONLINE!

CCR World is the premier magazine for consumer and commercial credit professionals. It provides an independent voice to the global industry, breaking news stories and running in-depth features.

It is FREE to read online, so click here to read the current edition online.

(If you have not registered already, you will just need to do so to read all the news and analysis).

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197