Apple’s new mobile payments system will use tokenization as well as contactless payment, 9to5 Mac reported, based on the new point-of-sale terminals installed in Apple’s own stores.
Source: www.pymnts.com
Tokenization eliminates the need to send payment card numbers between a point-of-sale terminal and a merchant’s transaction systems. The card details are replaced by one-time-use numerical tokens, making it much harder for card numbers to be stolen.
