Canadian debit network Interac is promising to make digital payments more secure through the introduction of a token generation and management service.
Built with IBM, Bell ID and Everlink, the Interac Token Service Provider (TSP) substitutes a user's financial information with a secure token, which consists of a unique, randomly generated sequence of numbers that can only be used on the consumer's mobile.
Interac says that the TSP is device agnostic and offers seamless integration, meaning banks, mobile tech providers and merchants can use it to build and manage their digital payment offerings.
Mark O'Connell, president and CEO, Interac Association, says: "It [the TSP] offers the security and customisation that our consumers and clients demand with the capability for tokenised digital debit transactions on any device or mobile wallet that supports it."
Since being embraced by Visa and MasterCard, tokenisation has been gaining traction around the world. Last week Nets Group and Carta Worldwide formed a partnership that will see them offer tokenisation to more than 200 Nordic banks.