Topic “Tokenization”

With E-Commerce Skyrocketing, Tokenized Transactions Expected to Soar, as Well

NFC TIMES Exclusive Insight – As more consumers buy online, and to a lesser extent use mobile wallets for in-store purchases, because of the coronavirus pandemic, tokenized card transactions are expected to increase dramatically.  

In-Depth: Tokenization Figures Demonstrate Majority of Mobile Payments Conducted Online

NFC TIMES Exclusive Insight –  Recent research and forecasts have confirmed what industry observers already knew: Despite concerted efforts by the Pays wallets to gain widespread use of mobile payments in the U.S. at the physical point of sale, the large majority of mobile payments are conducted online, not by tapping NFC phones or wearables in stores.

Visa Deepens Push into Tokenization with Planned Acquisition of Rambus Payments and Ticketing Unit

NFC TIMES Exclusive Insight – Visa plans to buy the payments and ticketing unit of U.S.-based chip company Rambus for $75 million, as the payments network seeks to expand tokenization beyond Visa cards, including to bank accounts used for real-time payments, as well as to transactions processed by domestic networks.

Major U.S. Networks Promote Online Commerce Spec, Seeking to Keep Digital Transactions on Their Networks, but Not All Merchants are On Board

NFC TIMES Exclusive Insight – Major U.S.-based global networks, including Visa, Mastercard and American Express–hoping to keep transactions on their networks as more commerce goes online and digital–amplified their push for the Secure Remote Commerce specification, which is being drafted by their jointly owned payments specifications group, EMVCo.

How Mobile Wallets, Payments Wearables, Tokenization Fared the Past Year, and Where They Stand Now

By: 
Dan Balaban

NFC TIMES Exclusive – As the digital payments ecosystem moves into 2018, it is dealing with many of the same unfulfilled promises, works in progress and unfinished business as in 2017.

Mastercard Quietly Certifies First Data and PayPal to Tokenize Mastercard-Branded Cards

NFC TIMES Exclusive – Mastercard has opened up tokenization of Mastercard-branded card accounts to two other major payments industry players, First Data and PayPal, enabling them to tokenize Mastercard-branded cards for mobile and other digital payments services as an alternative to Mastercard’s own token service, MDES, NFC Times has learned.

Shared and Limited-Use Tokens and Other Changes: Tokenization 2.0 Explained

NFC TIMES Exclusive Insight – The second version of EMVCo’s payment tokenization technical framework adds two new token use cases aimed primarily for e-commerce and in-app payments, along with a few new assurance and authentication features, but much of the focus of the version 2.0 has been on restructuring and clarifying issues from the first version of the tokenization framework released more than three years ago, according to EMVCo in a webinar.

First Data Expected to Begin Tokenizing Mastercard-Branded Cards Next Year; Visa More Restrictive

NFC TIMES Exclusive –  Big U.S. acquirer and processor First Data plans to generate its own tokens for Mastercard-branded card accounts next year, NFC Times has learned, and a source says First Data is also in discussions with Visa to do the same, but Visa may not allow the processor to tokenize Visa-branded cards in place of the network’s own Visa Token Service.

Group Representing Big U.S. Banks Plans to Issue Own Tokens for Cards Carrying Major Brands

NFC TIMES Exclusive Insight – The Clearing House, a group of the largest banks in the U.S., announced its first plans to tokenize cards branded by a major network, as the banks seek to reduce their dependence on tokenization by the major card schemes.

Visa Ready Program May Not be Quite Ready for Tokenization Partners

Sep 15 2017

NFC TIMES Exclusive – The Visa Ready program, Visa’s effort to get new digital payments services to the market sooner by giving vendors a fast-track route for their products and technologies to be certified, may not be quite ready–at least as far as Visa’s tokenization partner program is concerned

HEADLINE NEWS

Exclusive: Share of Contactless Rides Paid for with Apple Pay and other Pays Wallets in Manchester More than Doubles in Two Years

Transport for Greater Manchester in the UK is the latest transit agency seeing substantial growth of contactless open-loop fare payments from NFC mobile wallets–with the percentage of its contactless tram trips paid for with Apple Pay, Google Pay and other Pays services more than doubling over the past two years, NFC Times' sister publication Mobility Payments has learned.

Fifth Transit Agency to Conduct Open-Loop Payments Trial, Testing California’s ‘Mobility Marketplace’

California transit agency Santa Cruz Metropolitan Transit District said it plans to launch a pilot of contactless open-loop payments in early 2022, as it seeks to increase customer convenience and reduce use of cash on board its buses, NFC Times' sister publication Mobility Payments has learned.

In-Depth: Contactless Transactions Soar, but Transport for London Affirms that Oyster Will Remain Payments Option

Contactless open-loop payments have surged in recent months for Transport for London, returning to their steep growth trajectory before the pandemic, and now account for 70% of all pay-as-you-go, or PAYG, trips on the London Underground and two-thirds of PAYG trips on buses. And contactless has surpassed 50% of all trips–including those made with season tickets (see chart below).

Transport for London to Offer Weekly Fare Capping with Oyster Cards; Move Expected to Drive Even More Riders to Pay as You Go

In a move expected to make Transport for London’s pay-as-you-go model even more dominant and further erode support for season tickets and other period travel passes, the agency today said it will i

Sydney Transit Official: Opal Card Not Going Away, Despite Growth of Contactless

Sydney-based Transport for New South Wales, Australia’s largest transit agency, has no plans to phase out or de-emphasize its closed-loop Opal card, despite strong adoption of contactless open-loop

Dallas Latest City in U.S. to Accept Open-Loop Fare Payments

Dallas Area Rapid Transit, or DART, has become the latest transit agency in the U.S. to accept contactless open-loop payments, joining just four other U.S. agencies that support the technology, not counting small open-loop pilots happening in California.

While Interest is Growing in Going Cashless in U.S., Few Agencies have Accomplished the Feat So Far

The Greater Dayton RTA, which this month stopped accepting paper passes and tickets, will hit its Nov. 1 deadline to go completely cashless on board its vehicles, an agency representative confirmed to Mobility Payments.

Germany’s Largest Transit Operator Continues with Large Open-Loop Pilot on Buses; No Decision Yet on Rollout

Germany’s largest transit operator, BVG, said its pilot of contactless EMV payments extends to all of its nearly 1,500 buses, and the company has eliminated cash acceptance on board the vehicles, a spokesman confirmed to Mobility Payments. But officials in Berlin have not yet decided whether to make the contactless payments service permanent, he added.

Fairtiq App Sees Rising Usage as Covid-Era Riders Demand More ‘Touchless’ and PAYG Fare Options

Switzerland-based start-up Fairtiq said transactions for its fare-payments technology have more than double since February, as Covid-wary riders continue to seek what they consider to be more hygienic payments methods, as well as more pay-as-you-go options.

‘No Way We were Going to Ask for Half a Billion Dollars…’

Unlike other major transit agencies in the U.S., which have spent hundreds of millions of dollars replacing or upgrading their fare-collection systems, the Los Angeles County Metropolitan Transportation Authority has taken a different approach.

Apple's Digital Driver’s License Initiative Not Only One Progressing in U.S.

NFC TIMES Exclusive Insight – Eight U.S. states will soon allow residents to store a digital version of their driver’s license or state identification card in the Apple Wallet, the tech giant announced, noting that the Transportation Security Administration, or TSA, will accept the digital ID at airport security checkpoints and lanes. 

UK Bus Operator Go-Ahead Reports Cash Usage has Plummeted Because of Covid, While Contactless Transactions have Surged

The Go-Ahead Group, one of the big five privately owned public bus operators in the UK, said today it has seen cash usage on board the nearly 3,000 buses it runs in England outside of London fall to 23% of transactions, down from 53% three years ago.