PARTNER NEWS: 2018 will see the emergence of omnichannel tokenization, a wealth of new payment use-cases such as connected cars, and the rise of ‘merchant pay’ — retailer issued mobile wallets — according to Rambus.
Tokenization is already widely used to protect NFC transactions, but EMVCo’s updated tokenization framework will extend the benefits to emerging channels including ecommerce, recurring one-click ordering and in-app payments the company says in a forward-looking blog post.
Rambus also sees a role for tokenization in the real-time payment systems being designed and implemented around the world: “By tokenizing account numbers, banks can significantly reduce the risk and impact of account-based fraud to support the development of a safe and secure instant payments framework.”
The third major trend identified by the mobile payments and tokenization specialist is the rise of ‘merchant pay’. Although banks and handset OEMs have rushed to offer mobile wallets, Rambus says, “it is the retailers who are in prime position to collate and leverage consumer data and trends to provide personalized experiences.”