Payments evolve in cycles. If we look back at the story of payments, every year or so, new concepts are reshaping the industry. In 2000, e-commerce payments took off. By 2010, contactless cards and mobile wallets gained traction. Over the last decade, open banking, real-time payments, and embedded finance have dominated. Today, tokenisation, digital wallets, and biometrics are driving innovation, enhancing security and user experience. A key feature of cards, the Primary Account Number (PAN), has long been central to payments, routing transactions, identifying issuers, and processing payments globally. Initially, PANs were transmitted directly for transactions, but as fraud grew, tokenisation emerged as a safer alternative, replacing the card PANs with encrypted tokens to prevent misuse.