The Interac Token Service Provider (Interac TSP) substitutes a consumer’s Primary Account Number (PAN), with a secure token, which consists of a unique, randomly generated sequence of numbers, called a Token PAN (TPAN). Using a token instead of a PAN for payment transactions allows the consumer to make a purchase at a point-of-sale contactless reader or virtually with e-commerce payments, without exposing their financial information, which significantly reduces the risk of fraud.
- Supports in-store, existing and new payment services, including in-app and in-browser payments.
- Credential provisioning, storage, and lifecycle management.
Who can use it
Financial Institutions, Payment Partners.
How it works
When a consumer makes a purchase using their secure token, only the Token PAN is shared with the merchant. The information is sent to the Interac TSP and is routed to the user’s financial institution. The information that is provided to the merchant is not exploitable if it is accessed by anyone else.