Visa Inc., MasterCard Inc. and American Express Co., the biggest U.S. payment networks, proposed using “digital tokens” instead of account numbers for processing purchases made online and with mobile devices.
“Tokens provide an additional layer of security and eliminate the need for merchants, digital wallet operators or others to store account numbers,” the companies said Tuesday in a joint statement.
The standard, to be applied worldwide, will be presented to other payment firms and industry trade groups in coming weeks, according to the statement. Tokens would be the digital equivalent of magnetic stripes on the back of plastic bank cards that contain customer information. They also may help to reduce fraud by providing uniformity as companies such as Google Inc. and Starbucks Corp. embrace mobile commerce and offer consumers new ways to pay. Read more…
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