You're basically giving the information to Google, who will then charge advertisers extra to get your information. It's basically replacing one evil for another. So tokenization is a fancy word for giving your data to someone else.
Just saw this video 2021, is the payment network completely owned and maintained by visa, mastercard, ..? Thanks for sharing I'm trying to educate myself on the correct terminology
after watching many videos about tokenization, they were talking about this topic differently, eg., who is the token generator, Bank, Visa, or Google Pay? who keeps our raw credit card data, Bank, Visa, or Google Pay? what data does google pay keep about our credit card, just a token or also encrypted credit card number?
Hi @Milos, i think this video explains it very clearly but slightly wrong, if we change the Bank to Visa, change the arrow to point to Google instead of Acquirer, then Google validate the token with Visa, all should be good?
Wonderful explanation, really simple and clear. Although all we have done is instead of giving this data to the merchants, we are giving this data to Google and Apple. Need technology to make the middle man obsolete .. merchant or android or apple .. they all need to go.
This video could use an update. But a lot of online merchants do create tokens to process payments directly like Uber, skip the dishes, Amazon. Those merchants create a token and directly charge the financial institution. It goes amazon > financial institution Not amazon > Apple Pay> financial institution.
Thanks for the breakdown! 🤔 Just a small off-topic question: 😅 I found these words 😅. (behave today finger ski upon boy assault summer exhaust beauty stereo over). How do I use this? 🤨
Issuing bank does not issue token Bank does not keep any token Instead token is hosted by payment network like VTS for Visa Visa and MC are not Acquirers Acquirers can be bank or any processor
Thank you for this video, it has really help alot, but i want to know, if my phone is stolen, will the thief be able to use my phone and pay for random stuff in a store? or those it have a password of its own?
Master card and visa primary role is schemes and issuing BIN, and rarely they are in to acquiring bussiness usually this is done by banks or payment processors .
Granted the video is 6 years old now, but be warned, there are a lot of language inaccuracies in this video which are very misleading e.g. definition of acquirer, it is not mastercard/visa, and the token is not issued by the "bank"
google is considered more trustworthy; the payment device at merchant is not as reputative as google. Therefore, handing the info to google more secure. I guess it is the principle...
Is that all there is to tokenization??? It does sound more secure, but....1. I really don't care if best buy has my account info. They are not going to ruin their credentials by stealing money and if someone hacks them...well shit happens (Very unlikely) 2. You still need to give your account info to Google. So if someone hacks your Google account you're kind of screwed, which feels very unsecure.
Hey, thanks for this! I would love to hear about the details of the token. Because the merchant sees the token. So how come that is not something that we need to worry about?
It's been 3 yrs so idk if that's still relevant, but for all the rest who're wondering... the merchant can't decipher the token since they have no access to the DB where the tokens are matched with the original values
It's more complex than what was shared in the video, but generally the app used to pay shares the token PLUS a transaction credential with Mastercard/Visa. The token can only be used with a transaction credential and the credential is only valid once. A token by itself is worthless
I liked the drawings,, as I am a visual learner. But I don't think this format complimented the type of educational content.. waaaaay too long a vid.. skipped thru
passing the buck from Peter to Paul, yeah . . . now you're sending my sensitive private information to Google while assuring me that I am secure because it is No longer being "seen" by the merchant, now we have another internet-search-engine guy in the middle who acts as the TRUSTED intermediary to carry and pass around billions of people's "banking" information and become the weakest link and the biggest SINGLE TARGET for Chinese/Czech republic hackers ! On that fateful DAY when Chinese and Czech republic hackers finally sniff a billion credit card details from Google/Apple and threaten to leak/dump ALL of that information on torrent sites, that will be doomsday for EVERYONE !
Greetings Brendan, You just understand that a Bank does not issue Tokens ... thats a job for TPS !! With a little more research you can ace making such informative videos. Best of Luck !!
Agreed. That’s ach still. Tokenizing is when we take real world assets and place them on the blockchain. Not sure if I left the video to early but I think we where just explained how mobile payments get settled.
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
The music is awful for this kind of video :(
+r0dr1 Thankfully it ends at about 1:05.
absolutely awful...
Y’all are lame
@@propa9327 its a fact pls
early playboi carti type beat
You're basically giving the information to Google, who will then charge advertisers extra to get your information. It's basically replacing one evil for another. So tokenization is a fancy word for giving your data to someone else.
Bank doesn't issue token ;-)
It is payment network (Visa, MasterCard, ...)
Visa and MasterCard are NOT ACQUIRERS :-)
Just saw this video 2021, is the payment network completely owned and maintained by visa, mastercard, ..? Thanks for sharing I'm trying to educate myself on the correct terminology
Hi Miloš, could you answer, is it the shop's (provider's) bank who's the aquirer?
Acquirer is the processor
after watching many videos about tokenization, they were talking about this topic differently, eg., who is the token generator, Bank, Visa, or Google Pay? who keeps our raw credit card data, Bank, Visa, or Google Pay? what data does google pay keep about our credit card, just a token or also encrypted credit card number?
Hi @Milos, i think this video explains it very clearly but slightly wrong, if we change the Bank to Visa, change the arrow to point to Google instead of Acquirer, then Google validate the token with Visa, all should be good?
This is the best video on tokenisation ever created
6:58, plate numer now public
Thanks for simple & clear explanation !!
Thank Brendan, the best video of payment explanation 🎉
I really loved this 🔥 thanks for your creative touch too, made learning the topic enjoyable
Awesome explanation
Thank you for the easy explaination!
Brendan, this is fantastic. Thanks for sharing your knowledge in such a understandable format.
One of the best explaination of Tokenization on the net. Good Job, hope to see more payment related videos i the future. Cheers
😂😂😂 except this isn’t tokenization 😂
hi Brendan, warm greetings from Kazakhstan. Thank you for this video and explanations, very useful material and information.
Am I the only one who actually enjoys the music?? Creative and informative video!
Wonderful explanation, really simple and clear. Although all we have done is instead of giving this data to the merchants, we are giving this data to Google and Apple. Need technology to make the middle man obsolete .. merchant or android or apple .. they all need to go.
Can't servers are needed and there very pricy to run.
This video could use an update.
But a lot of online merchants do create tokens to process payments directly like Uber, skip the dishes, Amazon.
Those merchants create a token and directly charge the financial institution.
It goes amazon > financial institution
Not
amazon > Apple Pay> financial institution.
dude you are simply saying use blockchain/crypto currency 😅
Thanks for the super explanation. Could you please post a video on scheme and merchant tokenization
Cool beats..great video
this video is crazy, dude. funny and helpful. nice.
Excellent video.
very well explained...forget about those who come to listen to the music as if this was a music video !!
Its a good song tho
Thanks for the breakdown! 🤔 Just a small off-topic question: 😅 I found these words 😅. (behave today finger ski upon boy assault summer exhaust beauty stereo over). How do I use this? 🤨
Oh f f s gtfo of here scamm3r!
Dude, you explained it so well thank you!
simple and easy... Thanks mate
thanks for the explanation, every other video keeps me confused.... you just answered my question......😊
make video speed 1.5 you won't regret it !
Issuing bank does not issue token
Bank does not keep any token
Instead token is hosted by payment network like VTS for Visa
Visa and MC are not Acquirers
Acquirers can be bank or any processor
Amzing job 🎉
Great video, thanks!
Amazing information. Many Thanks
This was a very good explanation and effective use case scenario. Thank you and great job.
Everyone seems to understand it, but I haven't a clue. You move toO fast, and the music makes me want to go straight up!!
Wow You're explaining in well form, admireable
yes finally someone that understands awesome crypto content brother thank you
Thanks A Lot ..... easily explained
Shoert and sweet. Love it
Awesome Video:}
You have to be tokin' something to eat at McDonalds. 😂
Great explanation! Your video is fantastic! If given a possibility for interview, would you be up for it? 🙌
Thank you!
now you can use tokens for investing in startups
Thank you for the video! :-) . is the token # different each time you use Android pay?
Thank you for this video, it has really help alot, but i want to know, if my phone is stolen, will the thief be able to use my phone and pay for random stuff in a store? or those it have a password of its own?
Master card and visa primary role is schemes and issuing BIN, and rarely they are in to acquiring bussiness usually this is done by banks or payment processors .
Excellent explanation
genius explanation
Good vid still relevant
great combination of everything!!
That was awesome explanation. Thank you brother
That was easy and simple, thank you.
Thank you!!
'ACQUIRER"....but great pres!
Simply put its a process of converting Fixed PAN to Dynamic PAN
Thank you so so much
Now the merchant doesn´t know that sensitive information about you. Google & Apple do... wonderful
Was thinking the same, not sure how it's better for the customer but more data for big tech
This doesn't seem more secure and involves more parties for a transaction that occurs between a buyer and seller.
Well done
Brilliant!
You should update this video with Web3.0 technologies.
Interesting Concept
Nice information ☺️
Very good and succinct explanation of tokenization!
nice video
Granted the video is 6 years old now, but be warned, there are a lot of language inaccuracies in this video which are very misleading e.g. definition of acquirer, it is not mastercard/visa, and the token is not issued by the "bank"
Great effort. Thank you so much. You cleared all my doubts.
whats the bg sound for? ridiculous
Is this the reason why companies want to have there own mobile payment solutions so they can acquire the data for themselves.
My card has NFC function. Is it same to mobile app?
Nice explanation but unfortunately not accurate, if you are looking for a technical material don’t rely on this
I dont think VISA/Mastercard are acquirers... Acquirers are the merchant's bank?
Do more Videos My firend
So instead of giving my local hardware store my PAN i give it to Google? And how is this better?
Big Tech are merely the first ones to implement this, more and more tokenization companies are being born every year
google is considered more trustworthy; the payment device at merchant is not as reputative as google. Therefore, handing the info to google more secure. I guess it is the principle...
Is that all there is to tokenization??? It does sound more secure, but....1. I really don't care if best buy has my account info. They are not going to ruin their credentials by stealing money and if someone hacks them...well shit happens (Very unlikely) 2. You still need to give your account info to Google. So if someone hacks your Google account you're kind of screwed, which feels very unsecure.
wow someone really likes drawing
thanks
Hey, thanks for this! I would love to hear about the details of the token. Because the merchant sees the token. So how come that is not something that we need to worry about?
It's been 3 yrs so idk if that's still relevant, but for all the rest who're wondering... the merchant can't decipher the token since they have no access to the DB where the tokens are matched with the original values
It's more complex than what was shared in the video, but generally the app used to pay shares the token PLUS a transaction credential with Mastercard/Visa. The token can only be used with a transaction credential and the credential is only valid once. A token by itself is worthless
well thanks... btw that hand is kind of creepy
I’m here because of Charlie
The music makes it hard to understand anything
Cashless digital mobile payment system is the future
Is this the same as the service provided by FinNexus. Can anyone explain me in Detail? Thank You.
Background music was really irritating
Thanks Brendon , beautifully explained .
So, the solution is to share private data with google rather than merchants?
what's the point? it can be traced back to the account by the merchant or bank or whatever, how does this change anything? your company gets a cut?
The merchant will not be able to recover your data based on the token. Only bank can.
Great video on explaining Tokenization. You should check out #ZAP and dig deep in their project. You’re able to tokenize businesses, Real estate etc
I liked the drawings,, as I am a visual learner. But I don't think this format complimented the type of educational content.. waaaaay too long a vid.. skipped thru
I thought the point of all this new tech is to eliminate intermediaries
The noise behind the video is irritating pls reduce the base next time thankyou
Music was a distraction :(. The last part also was not necessary.
But doesnt that mean google knows all our personal info relating to our payment card??
passing the buck from Peter to Paul, yeah . . . now you're sending my sensitive private information to Google while assuring me that I am secure because it is No longer being "seen" by the merchant, now we have another internet-search-engine guy in the middle who acts as the TRUSTED intermediary to carry and pass around billions of people's "banking" information and become the weakest link and the biggest SINGLE TARGET for Chinese/Czech republic hackers ! On that fateful DAY when Chinese and Czech republic hackers finally sniff a billion credit card details from Google/Apple and threaten to leak/dump ALL of that information on torrent sites, that will be doomsday for EVERYONE !
So even more power for Google, great!
the music is super loud
no me i liked the music , seriously what its name , where can i find it please ?
Can’t you just decode the tokenization? It’s just one layer of security that’s faulty, right?
Music is not required
For a second it looks as if you are writing on the back of a macbook :D
Cut that music down to make this watchable
Good job with the explanation, but the part after 5:32 was completely unnecessary.
Greetings Brendan,
You just understand that a Bank does not issue Tokens ... thats a job for TPS !!
With a little more research you can ace making such informative videos.
Best of Luck !!
Agreed. That’s ach still. Tokenizing is when we take real world assets and place them on the blockchain. Not sure if I left the video to early but I think we where just explained how mobile payments get settled.
But if I use cash, no one knows anything about me. Seems overly complicated.
You won't always be able to use cash. That is the point
Cool movie, background music in the beginning is a total overkill