Point-to-Point Encryption (P2PE) Solution Unifies Physical and Digital Retail;Tokenization Reduces Scope of PCI Compliance up to 90%
TULSA, Okla., March 20, 2024 /PRNewswire/ — TokenEx, the leading independent cloud tokenization provider, today announced the availability of its Point-to-Point Encryption (P2PE) solution, which unifies in-person and online retail channels and reduces the scope of Payment Card Industry Data Security Standard (PCI DSS) compliance by up to 90%.
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According to Gartner, “To build immersive and engaging experiences for customers and store associates as well as improve operational intelligence, physical stores are transforming to be operationally ‘omniscient.’ Technology investments to digitalize the store are generating data that is being harnessed to boost operational execution, enhance customer and associate experiences, improve operational visibility, reduce shrink, and boost overall profitability.”¹
However, a disconnect between in-person and online commerce experiences hinders the ability for omnichannel retailers to offer a unified customer experience. Merchants may be limited in their choice of payment terminals, terminal applications, and payment processors, which can prevent them from adopting customer-friendly payment solutions. Furthermore, in-person point of sale (POS) solutions expand the scope of the PCI DSS audit process, which increases the operational overhead and compliance burden for merchants.
Tokenization offers a flexible solution to bridge the gap between digital and physical commerce while enhancing security and compliance. By replacing sensitive payment information with tokens, organizations can significantly reduce the cost and complexity of PCI DSS audits, seamlessly integrate in-person and online transactions, and choose the best payment solutions without being constrained by their acquirers’ offerings.
Key features and benefits of the TokenEx P2PE Solution include:
Secure and Compliant In-Person Payments — TokenEx’s P2PE solution reduces the cost and complexity of PCI compliance related to in-person (card present) transactions.
Omnichannel Integration — TokenEx universal tokens enable omnichannel storage of payment information, improve tracking of customer behavior across channels and processors, and eliminate the need to manage payment information from across multiple providers and gateways.
Multi-Processor Flexibility — TokenEx is compatible with any payment terminal and POS solution. Merchants can avoid “processor lock-in” associated with existing payment terminals and POS devices by easily adding, removing, and changing processors with evolving business needs.
“The cost and complexity of managing multiple payment processors and the PCI audit process can stifle growth into new channels and markets,” said Marc Olesen, CEO of TokenEx. “Thanks to TokenEx, omnichannel merchants can simplify and streamline their operations, enabling them to rapidly scale their business.”
¹ Gartner, Top Retail CIO Industry Trends for Increasing Customer Centricity in 2024, Tom Nolan, Kelsie Marian, Max Hammond, Robert Hetu, Jonathan Kutner, Hanna Karki, Sandeep Unni, Mim Burt, 10 January 2024.
About TokenEx
TokenEx is a cloud tokenization and payment optimization provider committed to helping organizations safely and compliantly process and transmit sensitive data. Its industry-leading solution for data protection can secure and desensitize any structured data element to reduce risk, streamline operations, and enable critical business processes. For more information, visit tokenex.com or contact [email protected].
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