Consumers are now, more than ever, using their mobile phones to purchase goods and services and are increasingly seeing their mobile phones as the wallets of the future. In response, card issuers and retailers are launching mobile payment services at an unprecedented rate, using their own wallet or dedicated ‘OEM-Pay’ wallets.
To secure the future of mobile payments, the card consortium EMVCo has launched a tokenisation framework, requiring all providers to secure customer card credentials on mobile devices. The framework has created a number of challenges for providers, who will have to create ‘Token Vaults’ that are scheme-agnostic, provide multiple use cases and support all mobile payment devices.
HPS’ PowerCARD-Tokenisation solution enables providers to overcome these challenges by supporting the issuance, provision, storage and management of tokens from any schemes on any type of wallet.