Tokens

Token-based payments represent one of the fast growing payment segment based on the key advantage of this approach wherein an additional layer of security is available by replacing sensitive payment information with unique tokens. The major advantages of this payment mode include dynamic Token generation creating unique tokens for each transaction and thus minimizing the risk of fraud. Token schemes of the latest standards utilize algorithms which do not require storage and there are schemes which may involve secure storage as well which are retained with advanced encryption schemes to reduce vulnerability to breaches. Tokenization also serves the huge benefit of scope of security reduction and offering greater compliance to standards meeting the industry standards for data security, including PCI-DSS.