Tokenization as a way to protect finances in cashless payments

Digital technologies are constantly developing and reaching new heights. Thanks to them, methods of mutual settlements between individuals and legal entities are improving. Thus, cashless payment is at the peak of popularity. This method of making payments has become widely demanded due to its simplicity, convenience, reliability and security.

Regular use of bank cards increases the likelihood that their details will be compromised. Having access to the card number, CVV, CVC or CVP-code, attackers can carry out transactions on behalf of the cardholder. To prevent such transactions, tokenization of finances is provided for cashless payment.

Advantages of the service:

To prevent the interception of payment details, tokenization is connected. It is a complex process in which real card data are replaced by a unique digital identifier called a token. It is a secure alternative to physical data and makes it possible to:

• minimize the likelihood of identity theft,
• significantly increase the security of contactless payments on websites, offline and in mobile applications.

Transactions involving a tokenized card undergo a greater number of checks, and the details themselves are stored in encrypted form. Using such a banking product, you can be confident in the protection of your finances on your accounts.