2019 Special Report – Security

Only 38% of Retailers have Implemented a Single Token Solution Across the Enterprise

Retailers must continuously reexamine their policies surrounding customer payment and personal data to ensure the security of their customers’ information. Each day, new dangers emerge and enhanced security measures are necessary to adequately defend against these malicious attacks. A single security breach is enough to deal a crippling blow to many companies.

Tokenization is a top priority for many retailers, as it improves the security of sensitive customer payment data by allowing retailers to remove sensitive information from the network by substituting payment card data with a token which is used as an identifier but has no exploitable value or meaning. Tokenization technology is also valuable as a foundation to enable a seamless experience for consumer returns, customer profiles and electronic shopping carts that need to retrieve data across channels. What began as a solution to remove payment card data from a retailer’s environment has found additional value in substituting Personally Identifiable Information (PII) to help drive omni-channel use cases.

BRP’s SPECIAL REPORT: Security is based on findings from the BRP Consumer Study and the 2019 POS/Customer Engagement Survey and offers insights into how retailers are progressing with their security efforts to protect consumers’ payment and personal data.

The SPECIAL REPORT: Security highlights:

PAYMENT SECURITY:

  • Customer expectations: 33% are likely to allow retailers to save credit card details if it eases the checkout process
  • Retailer capabilities: 61% have implemented end-to-end encryption to offer customers greater security of their personal and payment data

PERSONAL DATA:

  • Customer expectations: 50% are likely to allow retailers to save personal details if it eases the checkout process and allows for more personalized offers
  • Retailer capabilities: 38% have implemented a single token solution across the enterprise to offer customers greater security of their personal and payment data

MOBILE WALLET/PAYMENTS:

  • Customer expectations: 38% are likely to choose a store if it offers mobile wallet/payments
  • Retailer capabilities: 59% offer mobile payment acceptance