Tokenization has become an emerging technology in the payments industry, keeping payment card information safe while improving the checkout experience, and consequently, sales conversions. But how does tokenization increase conversion? How does the concept work, and how does Switch take it one step further?
If we were to put it in very broad terms, tokenization consists of the replacement of sensitive and/or private data with a randomly generated value (token).
I think I’ve heard about it. Is it the same as encryption?
Not quite… Encrypted data is nothing more than the actual (sensitive!) data after a transformation algorithm is applied…