Facebook will use the Visa Token Service to help accelerate the availability of secure, payment-enabled services through its digital properties.
What is the Visa Token Service?
The Visa Token Service is a security technology that replaces sensitive payment card account information, such as the 16-digit account number, expiration date and security code, with a unique digital identifier (a “token”) that can be used to process payments without exposing actual account details.
Simpler, more secure payments
By having access to this technology, Facebook can add another protection layer, enhancing its payments service capabilities. The new partnership is in line with the company’s efforts to enter the payments market. In 2017, Facebook expanded its online marketplace to Europe and added food-ordering services. In 2016, Facebook enabled users to send money via the Messenger app in the US with plans to launch the feature in Europe.
Facebook is able to offer its payments solutions to businesses, payments processors, and financial institutions that use the Visa Token Service in a convenient and scalable manner and without a complex set of contractual agreements or technology integrations, according to the official press release from Visa.
Since VDEP launched in 2015, technology partners and financial institution clients have joined the program to help simplify the way they bring payments solutions to their customers. The Visa Digital Enablement Program and Visa Token Service are globally available to partners and clients.
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