Tokenisation
Tokenisation is the process of replacing sensitive payment data with a non-sensitive token. This protects card details from fraud and data breaches. Modulr uses tokenisation to secure payment transactions and protect customer data, integrating it with virtual accounts to add a further layer of control.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
