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ING teams up with supermarket giant for tokenized payment service

1,000 ING customers are going to participate in the pilot

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ING teams up with supermarket giant for tokenized payment service. Source: unsplash.com

ING has partnered with Dutch supermarket Albert Heijn to trial a tokenized payment service. This way, customers will be able to purchase online products directly from their bank accounts.

The bank states that the tokenization process replaces sensitive data with non-sensitive data and benefits both customers and retailers.

For instance, it eliminates the need for retailers to keep and protect sensitive bank data for each customer.

Besides, it saves customers from having to fill in bank details every time they make a purchase.

Nevertheless, tokenization is not intended to replace existing payment methods but to give customers a choice. Indeed, the customer decides which method – iDEAL, PIN, credit card, tokens, etc., is best for any particular situation.

Once customers have given their consent, retailers create a token for them unique to that retailer for use in its (web) shops. Customers can manage their tokens in their banking (or retailer’s) app; they can also decide if they want to be asked for additional verification when confirming the order, such as fingerprint ID or face recognition
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We’ve reported that annual incomes from tokenized mobile payments will grow $40 billion by 2024, exceeding from an estimated $17 billion the year before. More than $30 billion will flow through remote e-commerce, rather than contactless payments at the point of sale.

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