However, it is not always clear how these new payment methods are positioned with respect to existing card payments; in other words, whether these are complementary or a replacement. Are these new payment methods and technical drivers bound to make profound changes in the way we do payments? The SPA’s opinion is that payment innovation breakthrough is only possible when both trust and convenience are achieved. Yet trust and convenience must be compatible with a business case for the issuers of new payment methods. Finally, the terminology used for tokens is not always consistent, which in turn contributes to the generation of additional confusion. For instance, what do we really mean by “tokens”?
In this paper, the SPA discusses the business and technical drivers for tokenization, provides initial feedback on the EMVCo Draft Framework for tokenization, and suggests ways to develop secure and interoperable online payments with a great user experience.
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