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Card brands making headway service to protect cards on file, and
last year the two firms expanded
For tokenization to live up to its potential, it cannot be a one-off proposition. the service to all 19 countries where
"All stakeholders need to embrace this," Vidor Datt, vice president, emerging Netflix operates.
payment solution sales at Mastercard, said during the NEAA panel discussion.
Tom Sheridan, senior account executive at Visa, concurred. "It's not just about "As the Visa Token Service and
one party. It's up to all of us," he said. associated frameworks continue to
scale, we believe low risk, trusted
Visa has been touting tokenization since 2014, when it launched the Visa Token merchants, like Netflix, can realized
Service. In 2017, Netflix became the first company to begin using the Visa authorization approval rates and
customer experience on par with
the face-to-face environment," Vickie
Gonzalez, global head of payments
at Netflix, said in a statement.

Mastercard also has been actively
pushing tokenization. It said it
is working with several leading
security payment services companies
– including Adyen, BlueSnap,
Stripe, Square and Worldpay – to
deliver tokenization to thousands
of retailers. It is also working with
leading issuers to convert cards on
file to tokens. Last fall, the company
said it aims to enable token services
on all Mastercard-branded cards by
2020.

Visa stated it is working with at least
60 acquirers and gateways to support
credential-on-file tokenization for
those firms' merchant clients in
at least 40 markets. In addition to
several of the companies Mastercard
is working with, Visa also is
working with Braintree, Checkout.
com, CyberSource, Elavon and
PayPal. "This opens up a world
of possibilities for our merchants
and partners to further evolve and
innovate in digital payments," Ansar
Ansari, senior vice president for
digital payment products at Visa,
said of the company's tokenization
partnerships.

Clearly, the card brands, acquirers
and issuers are on board with
tokenization. Getting merchants
and consumers on board, however,
will require education, and maybe a
change in nomenclature. Let's make
it simple, so everyone gets it.

Patti Murphy is senior editor at The Green
Sheet and president of ProScribes Inc. Follow
her on Twitter @GS_PayMaven.

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