Visa in conjunction with the National payment card system (NPCs) is preparing to introduce a tokenization service, which will bring to the Russian market payments app Apple pay, Samsung Pay, and Android Pay for contactless payment of goods via smartphones. About this “Vedomosti” said General Director of Visa in Russia Catherine Petelin.
The essence of the technology lies in the fact that the service tokenization replaces the credit card number in the “reference” number — token — which allows you to identify the customer to conduct a transaction, said Petelin. According to her, even if the token gets hold of the attacker, he will not be able to use them in any way, as this is only a “link” containing no data no card, no person, no information about the state of his account.
“This is a very good, effective fraud prevention system, where you’re not trying to prevent the cases when an attacker can access the information and make the information useless,” says Petelin.
According to her, the launch will happen later this year. The source of “Vedomosti” in one of the largest Russian banks said that the service should earn in the autumn.
MasterCard is also preparing for the release of a tokenization service in Russia, said the representative of the payment system. “We are actively involved in the development of payments innovations in Russia, to cardholders and MasterCard customers can enjoy safe and convenient cashless payments, as well as our technology, including tokenization,” — said the representative of the MasterCard, called tokenization, “one of the top global trends related to the security of cashless payments”.
That the NBTS before the end of the year will introduce tokenization, “card World”, in mid-July in an interview to “RIA Novosti” said the head of nvqs Vladimir Komlev. “I think that before the end of the year we will implement it themselves in order to continue on the basis of tokenization can create mobile applications to interact with such giants of the industry like Samsung Pay, Android Pay, and so forth,” said Komlev.