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ING and Albert Heijn to pilot online payments service

Friday 28 August 2020 13:02 CET | News

Netherlands-based bank ING and supermarket chain Albert Heijn have announced that launch of a tokenized payments service.

 

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. 

To optimise tokenization ING is using a standard developed by Mastercard that generates, distributes and ‘reads’ the tokens for the retailer and the bank. A group of 1,000 ING customers are to take part in the pilot.

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Keywords: ING, Albert Heijn, supermarket, online payments, online payments platform, bank enabled payments, bank payments, bank account, merchant payments, contactless payments, Netherlands
Categories: Payments & Commerce | Online Payments
Countries: Netherlands
This article is part of category

Payments & Commerce