The rapid shift from traditional card payments to digital alternatives has reshaped the financial landscape. Today, we'll delve into the exciting opportunities that digital payments have unlocked for consumers, banks, and merchants, as well as the underlying technical architecture that powers these innovations.
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Card Tokenization Driving Adoption of X-Pays
One such innovation is card tokenization. This security technology, standardized by EMVCo, involves replacing sensitive card information with unique digital identifiers known as tokens. By processing payments without exposing sensitive card data, tokenization enhances security and drives the adoption of third-party digital wallets like Apple Pay, Google Pay, and Netflix.
Typically, users can add cards to digital wallets through manual input or push provisioning. Let’s focus on four methods of adding a card to a digital wallet.
How to Add a Card to a Digital Wallet
Manual addition involves a multi-step verification process. It means that the user provides card data one by one. After that the user accepts T&C, confirms this action with a one time password received from the issuer / bank and gets the card tokenized.
Scanning a card – to further streamline the card addition process, users can simply scan their physical payment card with their smartphone. This feature automatically extracts essential card information like the card number and expiration date, which can then be directly added to the digital wallet. Additionally, for online scenarios, card visuals can be displayed on websites, allowing users to scan the card image directly from their laptop or desktop computer. This eliminates the need for manual data entry and reduces the potential for errors.
Push provisioning offers a more efficient and user-friendly solution. By simplifying the card issuance process, push provisioning makes it easier for users to add cards to their digital wallets. This streamlined approach benefits both users and wallet providers by accelerating the card issuance process and attracting new customers.
Web push provisioning takes the concept of push provisioning a step further. By initiating the tokenization process directly from a website, this method offers even greater flexibility and convenience.
What is Push Provisioning?
Push provisioning is a streamlined method of adding cards to digital wallets like Apple Pay or Google Pay. Instead of manually inputting card details, users can initiate the tokenization process directly from their mobile banking app. This simplifies the process, enhances security, and improves the overall user experience. Â
By leveraging push provisioning, card issuers can remotely "push" card credentials to digital wallets, eliminating the need for manual input and reducing the risk of errors and fraud. This technology ultimately leads to faster and more secure digital payments.
What is Web Push Provisioning?
Web Push Provisioning is a cutting-edge method of adding payment cards to digital wallets directly from a web browser, eliminating the need for a dedicated mobile app. This innovative approach allows users to quickly and securely tokenize their cards and add them to their digital wallets, such as Apple Pay or Google Pay. Â
By streamlining the process and providing a more convenient user experience, web push provisioning empowers businesses to offer a seamless and frictionless payment experience for their customers.
Key Use Cases for Web Push Provisioning
Gift Cards:Â Instantly add gift cards to digital wallets for effortless redemption.
Expense Management Cards:Â Quickly tokenize company-issued cards for efficient expense tracking.
Emergency Cards:Â Enable immediate use of emergency cards issued by banks or insurance providers.
Verestro’s Tokenization Solutions
If you're a fintech company looking to implement innovative card tokenization solutions, Verestro is your ideal partner. Our expertise in card tokenization can help you deliver exceptional user experiences and stay ahead of the curve.
Contact us today to discuss your specific needs and explore the possibilities of transforming your payment solutions.Â
