Protegrity CEO Suni Munshani was quoted in an article in SC Magazine by Lee Sustar, “A balancing act: Apple technology,” which asks experts to provide their thoughts on the impact Apple Pay will have on security in the payment industry. According to some, Apple Pay gives a “fillip to industry players who’ve been advocating for years that tokenization is the best way to protect consumer information.”
“What Apple is validating is a fundamental thesis that the idea of credit card data and other personally identifiable information being handed over [at the point of sale] is careless and frivolous and needs to stop,” says Suni Munshani, CEO of Protegrity, the Connecticut-based developer of tokenization and encryption solutions.
With EMV-technology credit cards embedded with microchips set to roll out over the next few years, merchants already obliged to upgrade point-of-sale terminals are likely to deploy tokenization in any case. The EMV rollout and the launch of Apple Pay will be “hugely complementary,” Munshani says.