Token

Token is a mobile wallet that lets you spend from any bank account, credit card, or debit card using your phone. Here’s our Token review.

What Is Token?

Token Payments, Inc. is a New York City-based financial services provider. The company is preparing to launch a mobile wallet. You can use that mobile wallet just like any other app. With Token, you add credit card and debit card details to the app, then spend money in an anonymous and private way.

Token wants to change the way we use our credit cards and debit cards. They envision a future where we look back and think we were crazy for giving away our credit and debit cards freely over the phone or internet. Here’s how they explain the company’s mission:

“Token is on a mission to help people avoid experiencing fraud and identity theft by enabling them to pay anonymously when buying online or over the phone.”

Token has not yet launched. However, you can reserve your invite now by signing up at JoinToken.com. You can choose from iOS, Android, or Windows Phone at that site (although it’s unclear if a Windows Phone version will ever be launched).

How Does Token Work?

Essentially, Token will anonymize your credit and debit card, then create a temporary number – a token – based on that information. You can use that token at any merchant just as easily as you would use your real credit card or debit card number.

Token’s security service relies on the computing power in your phone. Token uses that computing power to run sophisticated security algorithms for better payment protection.

Token adds an identity protection layer between you (the cardholder) and the payment ecosystem (the credit card companies and banks). You control that identity protection layer. So instead of using your own payment card details and your own identity, Token creates an “alterego like identity for your card and, ultimately, for you.”

The end result is that you can spend your money anonymously. Even though you’re using a credit card or debit card attached to your personal information, Token lets you use that card anonymously.

This identity protection layer is called the “token” system. You can create a new token for every transaction. Your token is your anonymous identity. The app lets you assign a token to a merchant and save it there. Token will know the identity is associated with that merchant and that merchant only.

All you need in order to use Token is your smartphone.

Token claims to work with virtually every online store or over-the-phone merchant in the United States and around the world. Any time you buy something online or order over the phone, you can rely on Token. Basically, your Token consists of anonymous payment information that looks totally normal to the retailer. You read that payment information over the phone or enter it online just as easily as you would enter normal payment information.

Token Features

Token advertises all of the following features:

Security

Token, like all payment platforms, puts a big emphasis on security. Your account is locked with a personal passcode or fingerprint. Token also lets you enable two factor authentication. The true security power of Token comes into effect when a merchant or company gets hacked. In these situations, your Token information might leak, but your personal information will not leak.

Works With Any Bank Account Or Credit Card

Token claims to be available to anyone with a US bank account, credit card, or debit card. These people can use Token to generate an alternative payment card based on their existing account information.

Free

Token is free to use. Token charges merchants for the service, similar to how credit card companies make money.

Lock Away Your Credit Card

When you use token, it ensures your payment information is never shared with anyone online or over the phone again. However, the merchant accepts your payment as they would accept any ordinary payment. There’s no discernible difference.

Seamless & Easy To Use

There’s no difference between using Token and using your credit card – except for enhanced security and privacy. Your Token payment information appears as it would appear on a normal credit card.

About Token Payments, Inc.

Token Payments, Inc. was founded in 2015 in New York City. The company was launched by three entrepreneurs named Yana, Zohar, and Vladimir. The three had previously designed and launched products for startups sine early 2000. All three had experienced credit card theft, and they knew there must be a better way to manage credit card information. That’s why they created Token.

Token Conclusion

Token is an iOS and Android app that will take your existing debit card, credit card, or bank account and turn it into an anonymous payment number. You can enter that payment number – called a “token” – as easily as you would enter any credit card information. The number is anonymous and is not linked to your personal information in any way.

You can use the Token as a throwaway number for a specific merchant you don’t trust. Or, you can associate each token with each merchant. If that merchant gets hacked, or tries to use your payment information for any other purpose, then your personal information and financial data remains secure.

You can learn more about Token, or sign up for the platform today, by visiting JoinToken.com.

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