The move to standardize tokens by the major payment networks has broad implications for how mobile commerce, including NFC payments, will be rolled out.
Backers say they are building a more secure, interoperable system for replacing card account numbers for conducting commerce via various devices, channels and types of merchants. But the tokens would also provide a foundation for enabling proximity payments at the physical point of sale without secure elements, many observers agree.
Global standards organization EMVCo reached the first milestone in its planned specifications for payment tokens March 11, releasing its technical architecture for the tokenization standard on a fast-tracked schedule.
