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With the huge splash made by Apple for the use of tokens toenable mobile payments (See Mercator Advisory Group Viewpoint here) there hasbeen a raft of processor announcements that declare they are ready for tokenbusiness, including but not limited to TSYS (who struck before the Appleannouncement!), Fiserv, and First Data.
The Fiserv pressrelease provided bullets associated with how tokens will be utilized byissuers:
Fiserv will offer tokenization viaVisa Token Service (VTS) and MasterCard Digital Enablement Service (MDES) andwill support tokenization through its own Accel network
Tokenization enhances security fora variety of mobile and online payment types
Tokenization capabilities arerequired for cards to be used through the newly announced Apple Pay service
The TSYS announcementcovered issuing issues and added Acquiring aspects:
“Withpayment tokenization, consumers can register a payment card with a mobilewallet or online store that replaces the actual card number with a paymenttoken used for that merchant or wallet vendor. TSYS Enterprise Tokenizationaligns with specifications and bestpractice documents from various industry bodies, as well as applicable Visa,MasterCard and American Express mandates for securing and processing paymentsusing tokens initiated via consumer-controlled devices (such as mobile devicesand personal computers). The proliferation of “card-on-file” models,both remote and proximity, has created an industry need to produce and usetokens including: card-on-file at a merchant’s cart, digital wallets, QR andBar codes, NFC and chip.”
First Data announcementwins for pure hyperbole claiming it is a milestone in First Data’stransformation:
“NewBenefits for Issuers: How First Data’s STAR Network Shines Bright in the NewWorld of Mobile Payments
Issuersseeking an additional payment processing network can now look to First Data’sSTAR Network as the leading independent debit network that will accept ApplePay debit transactions when it becomes available later this year.
“FirstData stands ready to work with all of our clients to help them take fulladvantage of Apple Pay,” said Bisignano. “The introduction of Apple Pay is anexciting complement to the point-of-sale transformation we introduced merchantsto earlier this year with the introduction of First Data’s Clover Station.Clover has proven to be a game changer with merchants, and the launch of ApplePay helps Clover merchants create a truly winning combination.”
Todaymarks another milestone in First Data’s ongoing transformation. Since 2013, thecompany has focused its strength on driving advances in global commerce,recently introducing the small business solution Clover™ Station, whichtransforms the point of sale into a dynamic business system. First Data’sInsighticsSM solution, Perka™ loyalty and Gyft® prepaid solutions furtherenhance the small business experience. Alongside Apple Pay, First Data tapsinto its history as a trusted payments processor, and reflects First Data’scontinuing transformation into one of the world’s leading tech companies tobring tomorrow’s innovations to market today.”
It is fascinating, and a bit frustrating, to watch the majorpayment players leverage the buzz around the Apple Pay announcement whileoffering so few facts regarding Apple Pay itself.
Overview by Tim Sloane, VP, Payments Innovation