You can see the Google or Apple Pay card on your phone or computer, but the merchant doesn't. That level of convenience should be a major drawcard for vendors as it makes transactions as simple as paying with cash, only more secure. Not everyone supports tokenisation, unfortunately, so banks and issuers are experimenting with dynamic card verification values (CVVs) that change for each transaction.Ĭhanging CVV numbers does seem difficult to implement, and it means consumers have to continue to enter credit card details and other information into e-commerce checkout pages instead of just clicking a button, or verifying purchases on your smartphone's banking app, which is protected with biometrics. If there's a data breach, hackers can't make off with working credit card details. That way, users' actual credit card data never reaches merchant terminals. This essentially creates a single-use new credit card for each transaction. Stolen credit card details are a major pain for the likes of Visa and MasterCard, which have developed "tokenisation" to deal with the problem. This sounds more complicated than it is and done right, it won't be inconvenient for users, quite the opposite.Īpart from making sure that as little user data is collected as possible, it should be single-use too. Instead, you firewall off your online identity while still proving you are who you say you are, by using abstraction and proxy services.
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