To remedy this embarrassment and bring a greater degree of security, the payment card industry as well as real-time payment platforms are moving to tokenization—a process by which a surrogate value in the form of a series of randomly-generated numbers, known as a “token,” replaces the primary account number.
With more and more organizations using the cloud to host their applications, the scope of e-commerce and the volume of non-cash payments will continue to increase. The greatest growth will be found in developing countries where wireless communications and mobile devices are reaching even the remotest corners.
An interconnection-first IT architecture designed for the digital edge gives retailers speed, unprecedented command over reams of consumer data, and the flexibility to instantly reach partners and markets globally. This is how they can grab the attention of shoppers who now have a world of alternatives at their fingertips.
Consumer demand for a digital dimension to the traditional retail experience is forcing physical retailers to adapt or die. And even dedicated online retailers are facing challenges as the previously separate domains of electronic payments, mobile networks and the cloud are converging.