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Tokenization and encryption are often used interchangeably. While they are both related to security, encryption is a much more nuanced process that converts massive amounts of information into a mathematical code through the use of an encryption key. Also, unlike tokenization – which typically stays in the same silo – encryption is used as a means to protect data during the transmission process.

While this list is hardly exhaustive, these five key terms should provide you with a solid base of integrated payment verbiage so you’re more familiar with the lingo.