When applied to the payment industry, tokenization is generally used for credit card payments. This means that for every credit card payment, a unique Recurring ID is created and subsequently encrypted as a token that cannot be used to retrieve the customer credit card details. As a result, potential fraud risks are reduced.
The Recurring ID is an unique number generated by MultiSafepay that refers to the credit card details provided by the customer upon completing the initial transaction. The result is that the consumer does not need to fill in the credit card payment details a second time.
Tokenization increases the security level of your checkout process and stimulates customer loyalty and repeat purchases, often resulting in increased conversion.