U.S. card issuers and retailers have agreed that the time has come to migrate to the EMV chip. But tokenization and end-to-end encryption also have to be part of our payments systems updates. The EMVCo standard for tokenization, which came out in March, falls short. It’s a proprietary standard that is not interoperable, and only meets the interests of the banks. It’s time for payments industry to act now to ensure a truly open and universal standard is established.”]
Source: https://www.bankinfosecurity.com/blogs/tokenization-emvco-falls-short-p-1784