Google Pay

In January 2018, Google announced that Google Wallet and Android Pay would be merged into one entity called Google Pay. With Google Pay, you can check out in Chrome for web purchases, in hundreds of apps, in YouTube for renewing your subscriptions, and at retail outlets with NFC payments without having to enter your payment information. Users can add credit cards to Google Pay by taking a photo of the card, or by entering the card information manually.


Short for Europay MasterCard and Visa, EMV chips have helped resolve security issues through computer chip technology, making it more difficult for credit terminals to be compromised. EMVs are embedded in all credit cards nowadays, though they've long been the norm in other countries, especially those located in Europe. Instead of swiping a credit card through, EMV-ready credits cards are used by inserting them into terminals. Because the authentication process is a bit more involved, transactions typically take slightly longer to complete when compared to the magnetic stripe method.

The purpose of EMV is to reduce on-site credit card fraud by confirming that the card is both valid and in the hands of the correct owner. EMV does not however, protect data after the transaction, so it does nothing to prevent site-wide data breaches. For this reason, merchants should utilize processors that support end-to-end encryption and tokenization to protect themselves from data breaches.

EMV chip cards are used in Europe, Latin America, Asia, Canada and now the United States.



To put it as simply as possible, tokenization relates to swapping out one piece of information for something else, mainly due to the security advantages that this strategy fosters.

Cybersecurity breaches have become increasingly common, as hackers will stop at nothing to outwit security installations. Though tokenization, however, these attempts can be foiled because the data they're after has been replaced with unique identification symbols that serve as substitutes for the real thing. As noted by NerdWallet, the principle is similar to what tokens serve in an arcade or casino, as proxies for actual money. This way, should sensitive information fall into the wrong hands, the data can't be used because its "value" is exclusive to the arena in which it operates. This is one of the reasons why integrated payments systems are effective because tokenization is traditionally utilized to strengthen security measures.