Payments News

Token Economics

Sep 30, 2018

The major payments networks have been in the tokenization business for four years now. With digital payments set to explode, how long can they keep giving away the store?

The technology for rendering card-account numbers into random strings of digits has been around for decades, but with the kickoff of Apple Pay in 2014 the race was on to tokenize all the major-brand credit and debit cards that consumers could digitally cram into Apple Inc.’s spiffy new wallet.

Since then, Alphabet Inc., Samsung Electronics Co. Ltd., and dozens of others have launched their own digital wallets. And the big networks have laid plans to mine the so-called Internet of Things, which includes everything from smart watches to smart clothes and clever fridges, for yet more transaction volume.

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