Payment token
A substitute value that replaces a card number, usable only in a defined domain such as one device or merchant.
A payment token is a substitute value that replaces a card's primary account number in a transaction, so the real number is not exposed to merchants or apps. Under EMV Payment Tokenisation, tokens can be restricted to a domain, such as a device, a merchant or a channel, and can be suspended or replaced without reissuing the card. Scheme agent programmes build on the same mechanism to give agents their own credentials.
Agent Minute explains this term on 15 January 2027.
Related terms
Agent tokenA payment credential issued for use by a specific agent, which can be limited and revoked without replacing the card.Delegated paymentGiving an agent a payment token limited by an allowance, such as amount, currency, merchant and expiry.Card-not-present transactionA card payment where the card is not physically presented to the merchant, such as online or in-app.EMV 3-D SecureThe EMVCo protocol for authenticating cardholders in online card payments, with frictionless and challenge flows.