
TSYS is at the forefront of this digital revolution in commerce, said Paul Bridgewater, group executive of Global Product, TSYS. Retailers and consumers alike want to conduct transactions and protect personal data with confidence and security. By putting people at the center of payments, our solution delivers on this promise. Tokenization provides a secure way for merchants, e-commerce sites and operators of mobile wallets to store sensitive payment card data on their networks. Businesses can also use tokenization to facilitate on-demand, subscription or recurring transactions and tokens decrease shopping cart abandonment rates. With payment tokenization, consumers can register a payment card with a mobile wallet or online store that replaces the actual card number with a payment token used for that merchant or wallet vendor. TSYS Enterprise Tokenization aligns with specifications and best practice documents from various industry bodies, as well as applicable Visa, MasterCard and American Express mandates for securing and processing payments using tokens initiated via consumer-controlled devices (such as mobile devices and personal computers). The proliferation of card-on-file models, both remote and proximity, has created an industry need to produce and use tokens including: card-on-file at a merchants cart, digital wallets, QR and Bar codes, NFC and chip.
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