Tokenization: Maximum Security for your Payments

In the era of Big Data, the storage and management of personal data have become a matter of particular interest for companies around the world. This fact is due not only to the benefits that its use can lead to the personalization of the services, but also because of the threat to the privacy and security of users, which may be caused by inappropriate use.

For protectionism and security of users of payment systems, the Payment Card Industry Data Security Standard (PCI DSS) arises. This standard regulates the management and storage of data associated with people's payment cards.

In this way, any business or company handling card data are required to comply with this standard, if they do not want to jeopardize their competence to possess and manage this type of financial information.

Comply with the standard: offer your clients peace of mind.

There are different measures we can take to observe the PCI DSS standard and protect the privacy of our clients: encryption, transposition, hashing… However, the most secure and current technique is tokenization.

What is payment tokenization?

A “token” refers to a number string associated with and replacing a client’s confidential data. A single series or value is used per customer, which manages to avoid the fraudulent use of her/his personal data, since it is impossible to inference them from the token itself to which they are related.

Let's say that tokenization process consists of two basic phases:

1. Encryption/decryption of confidential data.
2. Assignment of a token to said encrypted data.

Implement tokenized payment.

At this point where you already know what tokenization is (and assuming that you are looking for maximum security for your clients), you will be wondering what steps to take in order to implement this payment method, and thus comply with data protection regulation.

To help you make this happen, the team of the financial consultant PayXpert offers its clients a superb omnichannel payment gateway with data tokenization.

In addition to protecting user data, PayXpert’s tokenization allows to save payment data once they have been entered by customers, so that next payments can be made easily with a single click.

PayXpert works to provide its clients with the best tools for optimizing their finances. Visit our website and discover the different ways you can get the most out of your business, and offer the best to your clients.