Mobile payments have been a driver to revolution in payments. The pandemic Covid 19 has been pointed out as a main reason to change the customer behavior in payments. Faster, safe and easy is what the customer wants. To attend this new way, banks and financial institutions are using tokenization to deliver better experiences, decreasing the costs and bring more security for a extremely attack world, the payments world. The firstb important point is to deliver a frictionless experience, we can see issuers offering a credit card, and in the same time of the sale, the customer has a smartphone able to make transactions. During a long time in Brazil one of the pain points was delivering the card for the customer at the right time. Invisible payments not is a trend, is a reality, in a era of subscriptions, super apps, mobile purchases for travel, food, ride and others, tokenization is a good way to put the customer in the control of their actions, allowing the management of which merchants have the customer credentials and giving detail informations about spending, time of use, change prices and pains that a off line customer can find to manage digital spends. If experience is the word the motive for all of this change, be real time and one click buy is mandatory. Social media's, intelligence artificial, personal assistance are becoming the people more anxious and the immediately is a characteristics of good experience, the costumer don't want wait for a minute to confirm a transaction.
Using tokenization the banks can be connected with merchants providing buy experiences in a simple way and some cases totally invisible for the customer, as we can see in some tag cars or purchase using digital wallets like Google and Apple Pay. It's a way to either garanty health safe after pandemic people don't want live to pay, or be experience with some kind of touch. When the customer find a good experience they trend to centralize their interactions with this experience provider, and this is a good opportunity for payments companies to loyalty their customer and increase the profits In a genuine way, because they are delivering what the customer really need. Trough tokenization and with data, the issuers can deliver a customized experience for the customer, giving different credit for online and offline world, keeping the recurrence actives and allow that the customer see the benefits in relation to security. Unfortunately this is a sector extremely attacked by frauds but with this technology the bank can cancel just the affected token, replace to keep the service live with the customer consent, and work with the authorities to find the transactions origins and cut this in the roots.
"Banks and financial institutions are turning to tokenization for better payment experiences, enhanced security, and cost savings in the ever[1]changing and vulnerable payments landscape"
All of this actions engage the customer allowing a relations with the bank or financial institution where the company not is only a credit provider, but a company that really care of their customer helping to manage the spends by card in general, and adding all of this to a opens finance concepts, the bank channel became a strong tool to financial control. In the industry side, it's an excellent way to test new solutions and develop new experiences, connecting with the credit card brands and creating different ways for the customer to manage their spends. We are seeing a strong move from the industry to implement a click to pay in Brazil, it's a solution that adress many concepts that we saw in this article. Tokenization is technology that are allowing more and more customers be a card on the hands, in differents way being a smartphone, personal computer, electronics using IOT in a easy and safe way. Former Business Degree by Faculdade Zumbi dos Palmares and with a Digital Marketing specialization in Ohio University. Guilherme Oliveira is a professional working for almost 17 years in several areas in Bradesco Bank, having gone through innovation, channels and payments. Currently their main responsibility is delivering a frictionless and fluid experience and digital payments for the bank custome
