Who are the parties / stakeholders in a tokenisation transaction?

### Concept & Tokenisation Framework Tokenisation is the process of replacing actual sensitive card details with an alternate code called a "token", which is unique for a combination of card, token requester, and device. ### Step-by-Step Solution * **Merchant:** Initiates the transaction where the customer wants to make a payment. * **Merchant's Acquirer:** The bank or financial institution that processes the payment on behalf of the merchant. * **Issuer:** The bank that issued the customer's card and authorizes the token. * **Customer:** The cardholder who uses the digital token for payment. * Since all these entities must communicate and verify the data along with card networks, they are all stakeholders in processing a tokenised transaction. ### Exam Strategy & Shortcut In regulatory and banking frameworks related to digital payments, transactions usually require end-to-end coordination among all endpoints (buyer, seller, and their respective financial institutions). When multiple standard transaction entities are listed, "All of the above" is usually the correct answer. ### Common Pitfall Assuming only the card-issuing bank (Issuer) and the Customer are involved, completely ignoring the merchant and acquiring network's roles in requesting and routing the token data. ### Final Answer Therefore, the correct answer is **All of the above**.