Whenever consumers arise to carry out actions that involve making payments through an electronic device or at physical stores we want it to be simple, fast and secure.
The rapid growth ecommerce is undergoing comes along with the comfort that sales channels assure during the buying process. Consumers can buy when and wherever they want, without the need to move to the physical establishment, getting their ordered products delivered at home almost instantly.
Another important factor to have in count by online shops is security. The mistrust provoked by the question “what will happen to my card data” is in many occasions the reason for not ending the buying process, this is commonly known as “leaving the shopping cart”.
To satisfy the consumers needs and wishes through the payment process and to end with the fear concerning data privacy, establishments have at their disposal the possibility to tokenize their clients card data.
But, what is tokenization? What is it for? How does it contribute to establishments? And to the client? Tokenization or secure vault is a protection system that replaces vulnerable card data with alphanumeric codes named tokens. This way, shops could offer a better buying experience to their clients, with high security levels, preventing and minimizing robbery or fraud risks on card data, because they are stored in a secure and encrypted way. Shops could make charges without the physical presence of the client facilitating the buying process in cases of periodic renewals or subscriptions etc. This is why tokenization can be classified and used as a loyalty tool.
Concerning the clients or final consumers benefits, the agility and comfort in the payment process is worth mentioning. Tokenization allows the payment process in recurrent purchases with card, to be faster, because once the card information is stored, the client only has to confirm their next purchase with a single click, enjoying a comfortable, fast and secure buying experience.
Lina Muriel, Commercial, Marketing and Product Development Director of Sipay points out that “Tokenization is a necessary tool for every shop, physical and online, to increase the recurrence of their sales, thanks to offering the best buying experience to their clients, who can buy with a single click and with the confidence that their card data and information are securely stored”.