International card-payment standards organization EMVCo has announced the development of tokenization specifications.
Tokenization refers to the process of replacing sensitive card data with unique payment tokens of restricted use. The measure serves to enhance the security of card data.
EMVCo says that these new specifications will complement the existing EMV specifications and aim to further system interoperability.
Although it has not announced a schedule, EMVCo says that specifications development will begin in 2014.
Source: EMVCo
Date: January 16, 2014
Read the news»