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Tokenized payments utilize cloud computing to securely store customer payment data, replacing sensitive credit card numbers with tokens for transactions. This process involves sending customer information to a provider who returns a token, which is then used for future payments instead of the actual card number. Tokenization offers advantages like enhanced data security, simplified PCI compliance, reduced costs, and easier rebilling, and is offered by providers like Braintree, Cybersource, USAePay, and Stripe.