Visa Token Service issues 1 bln tokens worldwide

Tuesday 23 June 2020 13:03 CET | News

Visa has announced that the company issued more than one billion tokens worldwide through its Visa Token Service (VTS).

According to the press release, the move could accelerate ecommerce innovation, while securing payments, as the Visa Token Service replaces a cardholder’s 16-digit Visa account number with a secure token that protects the underlying card number from fraudsters.

With more merchants and retailers adopting tokenization technology, VTS is expanding its credential-on-file (COF) tokenization efforts. Therefore, Visa will integrate the following measures regarding operational risks around data protection for merchants and mobile carriers:

  • Token ID will expand tokenization capabilities beyond the card – Visa is unveiling Token ID that expands Visa’s tokenization capabilities beyond card-based payments on the Visa network to those on domestic card networks, account-based, and real-time payments. Therefore, when working in collaboration with Visa Token Service, Token ID will help clients scale fraud-reduction, and secure payment solutions, while helping Visa expand its tokenization services to new markets such as Turkey and China.

  • Token Management Service by CyberSource – Token Management Service by CyberSource centralises token management to secure customer payment data, improve payment conversions and facilitate PCI compliance implications. It links tokens across service providers, all payment types and channels for merchants, acquirers and technology platforms, while creating a unified token identifier to orchestrate management of all payment instruments (including cards, bank accounts, and local payment schemes). 

  • Cloud Tokens – As consumers expand their use of devices for online shopping, Visa has rolled out the Visa Cloud Token Framework that enables ecommerce and card-on-file tokens provisioned to the consumers’ account to be bound to multiple trusted devices. Although Cloud Tokens are available globally, they launched first in Latin America and the Caribbean. Moreover, Brazil-based consumers are the first to use the Visa Cloud Token technology to enable secure payments on WhatsApp.

Overall, Visa has named 28 new partners to VTS as COF token requestors, set to secure digital transactions by tokenizing both one-time and recurring payments made with Visa credentials.

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Keywords: Visa, Token, Visa Token Service, VTS, ecommerce, securing payments, cardholder, secure token, card number, merchants, retailers, tokenization, credential-on-file, COF, operational risks, data protection, mobile carriers, Token ID, Turkey, China, Token Management Service, Cybersource, token identifier, cards, bank accounts, local payment schemes, online shopping, Visa Cloud Token Framework, Brazil, WhatsApp, WhatsApp payments
Categories: Payments & Commerce
Countries: World
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Payments & Commerce