1LINK (Pvt.) Limited has joined hands with Gemalto, a Thales company, and Visa to enable digital payments through tokenization in Pakistan. The event was held at 1LINK Head Office, Karachi.
Tokenization replaces sensitive payment account information found on payment cards, such as the 16-digit account number, with a unique digital identifier called ‘token’, that can be used safely on smart phones or any device used to make a payment. The token allows the payments to be processed without exposing the actual card data which can be otherwise potentially compromised.
The Gemalto Tokenization Service Hub – Issuer Gateway allows card issuers, as well as wallet providers, to launch mobile payments rapidly without having to go through various security frameworks or complex integration.
This initiative brings several benefits to the industry and consumers alike including, but not limited to:
- Advanced data protection minimizing risk of card or personal details being hacked by fraudsters
- On the go, contactless payment through smart phones at Point of Sale Terminals.
- e-Commerce payments can now be based on token through a Token on File mechanism instead of storing sensitive data (Card on File) at merchant.
Through this initiative, 1LINK can now offer a single gateway enabling issuers to connect to Visa Token Service (VTS) and other payment partners tokenization service. On the acceptance side, Visa is actively working with acquirers in the country to roll out contactless acceptance on the Point of Sale terminals. This will help the consumers and merchants to target small and medium ticket transactions hassle-free and securely. On the issuing side, Visa is leading the way in Pakistan to fast-track the introduction of tokenization services for its issuers, opening up a new era in digital payment security.
Mr. Najeeb Agrawalla, CEO 1LINK commented “1LINK being the powerhouse of Pakistan’s payment ecosystem has always been on the forefront in offering digital payment services to the industry. 1LINK is now taking a step forward by bringing in Tokenization, that will prove to be a game changer for the market and will help in proliferating digital payments in Pakistan. With e-commerce trend on the rise, this initiative addresses merchant needs especially, of those engaged in recurring payments through card on file tokenization.”
Mr. Kamil Khan, Country Manager Visa Pakistan, shared his views at the occasion, “Visa has always been on the forefront of digital payment innovation, focusing on convenience without compromising on security – we call this ‘responsible innovation’. Technologies like Visa Token Service (VTS) enable secure and seamless innovations in payments – such as mobile wallets – and can help accelerate digitization of commerce, which is what we are working with our partners to achieve here in Pakistan.”
Comments from Gemalto, a Thales Company: “Thales has unrivalled expertise and experience in the smooth deployment of mobile payments around the world,” said David Noel Lardin, Vice President, Digital Payments for CISMEA region at Thales. “By providing our TSH – Issuer Gateway technology to 1Link, we are helping banks to attract and retain Pakistan’s young, sophisticated, tech-savvy consumers.”