Industry Perspectives on the Evolution of EMV Payment Tokenization
In 2014, the introduction of technical specifications for end-to-end payment tokenization transformed the ability to secure mobile and digital transactions throughout the payment transaction flow with the release of the EMV Payment Tokenization Specification – Technical Framework Version 1.0. EMVCo published an updated version of the EMV Payment Tokenization Specification — Technical Framework Version 2.0 in 2017. This whitepaper examines payment tokenization changes and impacts to the payments industry since 2014. The research represents the authors’ views with input from Mobile Payment Industry Workgroup (MPIW) members and qualitative interviews with key industry stakeholders. While the paper is focused on payment tokenization, merchants have used security tokenization for many years to protect their customer payment account data. As data breaches and other card-related compromises have increased, the need to utilize multiple solutions to secure payments data end-to-end has grown, particularly for card-not-present (CNP) payment forms such as e-commerce and mobile payments.