Card giants like American Express, MasterCard and Visa plan to overhaul the global e-commerce security by utilizing digital tokens instead of account numbers when performing online and mobile transactions. The companies are calling other market players to support their proposed plan as it will make the lives of customers easier when shopping online through the use of a tablet, mobile phone or personal computers.
The proposed plan works by allowing issuers, merchants and digital wallet providers to request for a token in order for the account holders to use it in processing, authorizing and settling payments online without the use of their traditional card account number.
Source: Finextra
