Vaulting - the concept of storing a card - has been around for some time but now offers more opportunities.
Payments vaults are moving to the forefront of many customer experience strategies for many businesses. In their current form, apps store and encrypt consumers' payment credentials, most notably with network tokens. These tokens have allowed for higher approval rates and reduced fraud.
When considering vaulting options, businesses need to assess their plans and decide whether they need an external company or an in-house vault. Omnichannel retail providers need to recognise the different data points related to the same physical card so that they can use the information for their business processes.
Building in-house while offering higher security does come with considerable costs and the challenge of sticking to regulations. Outsourcing the same takes the price down, but businesses should ensure they only choose credible partners.
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[2 minute read]