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Payments Glossary

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  • Tokenization

    Encryption of payment card data into a 'token' - a hashed version of the card that uses encryption to ensure that personal card information cannot be accessed while it is stored on file or in transmission to process a transaction. This technology allows 'card on file' processing without enormous risk to the cardholder and the entire payment card network. Tokenization is governed by the PCI standard and requires certification and audit of any provider of the service prior to its use.