HPS announced a new global partnership with Gemalto for tokenization.
Tokenization is the process by which payment account information is replaced by an
alternate value called a token. Issuers, Merchants and Processors who use tokens are able to significantly reduce the risk that sensitive cardholder data may be stolen by data thieves. This is widely regarded as one of the most critical issues to be addressed by the payments industry across the world in the ongoing fight against fraud.
Gemalto and HPS are offering an integrated and modular Tokenization solution to provide payment services providers with the strongest mobile payment platform that is agnostic of the consumer device: it secures payment credentials across HCE-enabled handsets, Secure Elements (embedded and SIM) and Trusted Execution Environment (TEE) or any combination thereof. The solution, available in hosted or on-premise modes, can be used by any card issuer and any card payment scheme.