Combining Thales’ cloud-based issuance platform and Euronet’s payment technologies, a new strategic partnership will provide financial institutions like fintechs and digital banks with a modern, tokenised mobile experience.
Thales and Euronet are collaboratively combining the Digital First, Physical Later, and Digital only card programs to deliver tokenisation solution.
Tokenisation typifies a new norm of banking that does not use physical currency.
On Thales’ website, it states modern card issuance means delivering an instant, digital payments service that leverages digital and virtual cards. Modernising card issuance also opens up more functions within a mobile banking experience, allowing customers to make crypto money transfers.
The partnership will also provide mobile services to fintechs such as choosing between using physical or digital cards, card hosting, authentication and tokenisation.
As banks and cards providers increasingly adopt a “digital-first, physical-later” approach, this creates advantages to using tokens rather than physical cards such as encrypting sensitive information from fraudsters and allowing the customer to orchestrate their own use of digital and physical services.