TSYS has introduced a tokenisation service to secure payment card information for purchases made through mobile and digital wallet technology.

The service is offered as part of TSYS’ Connected Mobility agenda, which supports payments, communications and e-commerce with the use of API interfaces and consumer-facing applications.

The security measure works by substituting a card’s primary account number (PAN) with a token. The token acts as a third party shelf for the data while it is transmitted, lodging it securely within the issuer’s or retailer’s systems. The value attributed to the token can be checked at any time with assigned decryption keys.

"Retailers and consumers alike want to conduct transactions and protect personal data with confidence and security. By putting people at the centre of payments, our solution delivers on this promise," said Paul Bridgewater, global product group executive, TSYS.

Businesses can use tokenisation to make recurring transactions easier for their customers and reduce online shopping check-out abandonment rates. TSYS said he tighter security it provides for retention of card details in token form increases consumer confidence.

TSYS followed best practice procedures and mandates adhered to by Visa, Mastercard and American Express for securing payments using tokens generated by customers’ mobile devices, a spokesperson said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.