Tokenized transactions

EMV = Europay, Mastercard and Visa

EMV security

Tokenization and Digitization

Tokenization is a way of storing/transmitting card data in digital manner. At the receiving end, it then converts into PAN. The card data gets replaced with a random string which gets stored.

There is no cryptography involved here. The token is generated by Payment gateway and these tokens are NOT interchangeable across difference gateways. Adyen, Stripe are examples of Payment gateways, have a look here Payment Gateways

Tokenization = process of replacing sensitive data with a Surrogate value

❓Is it the payment gateway or mastercard that does token generation? With MDES, whats the use of stripe or adyen when the merchant can directly connect to MDES?

After this contact less payments can happen.

PAN = primary account number

Contactless payments are done through NFC technology (near field communication using RFID tags)