New technology making online shopping more secure and convenient

Shopping online will soon be easier and more secure, following the introduction of technology called credential on file (COF) tokenisation.

Developed by Visa and rolled out in partnership with leading payment gateways CyberSource, Adyen, Rambus, G+D Mobile Security, SecureCo, Ezidebit, eWAY and Bambora, the technology enhances the security and convenience of online payments.

COF tokenisation works by replacing card details with unique digital identifiers (‘tokens’) that are used for payment without exposing a cardholder’s sensitive information. Each token is merchant-specific, so can only be used with the merchant where it is stored, removing any incentive for hackers to try to steal the account data.

Making payments more convenient

COF tokenisation will improve sales conversion rates and mean customers no longer need to update their payments details following a card refresh – a task that, according to recent YouGov research, 45%* of Australians say is the most annoying part of losing a card or having it expire.

As it stands, almost one third (30%) of Australians take more than two weeks to update their details when they lose a card or have it expire, and 12% take more than a month*.

But with COF tokenisation in place, merchants can have payment details instantly updated when a card is lost, stolen or expires, meaning there is no need for the customer to login and update their details, or the business to lose out on that payment cycle.

Enhancing security and trust

The adoption of COF tokenisation will also improve trust levels between merchants and their customers. According to YouGov’s research, following the adoption of tokenisation 39% of Australians would be more trusting of online businesses, 41% would be more likely to purchase from small retailers and 40% would buy from retailers they hadn’t bought from in the past*.

COF tokenisation strengthens e-commerce security because it means card details such as account numbers and expiry dates are not stored each time a consumer makes a purchase, removing sensitive information off merchant systems and in doing so decreasing the risk of data breach attempts.

The collective commitment to drive tokenisation across the industry represents a win for Australian merchants, consumers, financial institutions and payments companies alike. Find out how your business can benefit from tokenisation by contacting your payments gateway or facilitator, or by visiting:



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