What I cannot understand is why every conversation related to secure payments ends up with ways of securing the branded credit/debit card. The card brands are intermediaries between the holder of the value (e.g. a bank) and the receiver of the value (another bank). The PAN is a 60+ year old technology that has been a huge liability for years, tokenisation is a patch on the boken, and the end goal can only be disintermediation of issuers / acquiers et al and terminal manufacturers alike.