HOW THE TOKENISED CREDIT CARD TRANSACTION WORKS

STEP 1: Cardholder needs to initiate transaction and enter sensitive credit card data

STEP 2: Credit card information goes to the merchant acquiring bank in the form of a token

STEP 3: Acquirer transmits the token to the credit card networks for authorisation

STEP 4: Once authorised, the customer's data is stored in the bank’s secured virtual vaults and the token gets matched to the customer’s card/ account number

STEP 5: The bank verifies funds and allows/ declines the transaction

STEP 6: If the authorisation is successful, a unique token is then returned to the merchant for current and future transactions