The Food Marketing Institute, Merchant Advisory Group, National Association of Convenience Stores, National Grocers Association, National Restaurant Association, National Retail Federation, and Retail Industry Leaders Association have released a statement saying that an open and universal tokenization standard will help ensure sensitive personal information beyond just payment card account-level data will be more adequately secured across other US commerce channels.
The associations and institutes declare there is only one way this can be done, that is through a technology called tokenization.
Tokenization refers to the process of replacing sensitive account data and identity information with a unique token or symbol, making it less vulnerable to a security compromise. Tokens are randomly generated in a secure environment so that no data is stored or transmitted in an unsecure format.
The merchant community also states that tokenization will be a valuable tool to secure data in other aspects of commerce, such as age verification identity checks, and storage and transmission of electronic health records and pharmacy prescriptions.
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