The platform will enable customers to pay for online purchases from their bank accounts without needing to provide retailers with account credentials. The tokenization process replaces sensitive data (a customer’s bank details) with non-sensitive data (a string of random numbers known as a ‘token’) and benefits both customers and retailers.
Once customers have given their consent, retailers create a token for them unique to that retailer for use in its (web) shops. Customers can manage their tokens in their banking (or retailer’s) app; they can also decide if they want to be asked for additional verification when confirming the order, such as fingerprint ID or face recognition.
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