This is where tokenisation comes in. Tokenisation is a key tool that enhances security, builds trust and can ultimately lead to increased sales and customer loyalty. Join us to explore this tool down below!
Tokenisation is a data security process that replaces sensitive card information, like credit card numbers, expiry dates and security codes with a unique identifier called a ‘token’. This token doesn’t hold any value on its own, making it useless to hackers if intercepted.
The original data is then securely stored in a token vault, protecting it from potential breaches. Essentially, tokenisation acts as a protective shield, ensuring that customers' payment details remain safe throughout the transaction process. Particularly in payment gateways, tokenisation is used for cybersecurity and to obfuscate the identity of the payment itself, essentially to prevent fraud.
Due to the growing number of fraud cases, the demand for a secure payment gateway is increasing, which is a major trend in the e-commerce market. According to this Baymard Institute’s research, in 2024, 25% of online carts were left unordered because users didn’t trust the site with their credit card information.
This results in customers switching to more secure payment gateway options due to the currency involved in the process as a result of the increased adoption of payment gateways. Thus, the rising demand for a secure payment gateway is increasing the use of tokenisation. Implementing services that include tokenisation as part of their solutions can lead to higher customer trust, leading to them being more likely to shop with your website.
Choosing tokenisation as part of your payment process offers numerous advantages that go beyond just security. Not only does tokenisation protect sensitive customer data, but it also enhances the overall transaction experience. Here are the key benefits tokenisation brings to the table for long-term growth and building trust with your customers.
Consumers are more likely to shop with businesses they trust, especially when it comes to online stores. When customers know their transactions will be safe, they feel more confident making purchases, particularly for higher-value items. Additionally, businesses that prioritise cybersecurity can boost customer loyalty and sales as they could be seen as more trustworthy. By implementing tokenisation, sellers can demonstrate a commitment to security, fostering trust and encouraging repeat business.
Another benefit of tokenisation is that it streamlines the payment process. Since sensitive data isn’t transmitted during the transaction, it can speed up approval times and reduce the chances of delays caused by security checks. For high-volume sellers, this means transactions are processed faster, leading to a smoother checkout experience for customers and fewer abandoned carts. Therefore, with tokenisation, merchants can ensure a seamless and secure payment journey, boosting overall customer satisfaction.
The PCI Security Standards Council (PCI SSC) is a global forum that regularly develops and recommends security standards for account data protection. Tokenisation helps businesses meet PCI DSS (Payment Card Industry Data Security Standard, developed by the PCI SSC) requirements by minimising the amount of sensitive data they handle. By reducing the need to store and protect actual payment information, tokenisation simplifies compliance efforts and lowers the cost of maintaining security infrastructure.
Want a quick overview? Check out our video tutorial below where we dive into how senangPay’s tokenisation is crucial for businesses handling high transaction volumes and how it can improve both security and customer experiences.
In a competitive digital market, every advantage counts. Tokenisation provides sellers with a way to protect their business and their customers by ensuring secure, efficient transactions. By building trust through robust cybersecurity, merchants can not only safeguard their operations but also encourage customer loyalty, leading to sustained growth and success.
If you’re a business handling high transaction volumes, consider senangPay’s tokenisation to improve your payment process. Secure your sales, earn your customers’ trust and make the checkout experience faster and smoother—all with senangPay!