Visa Token Service Issues Its 1 Billionth Token
June 22 2020 - 11:00PM
Business Wire
Visa Announces Expansion of Visa Token Service
to Protect More Types of Digital Transactions
Visa Inc. (NYSE:V) today announced that the company has now
issued more than 1 billion tokens worldwide through Visa Token
Service (VTS), marking a major milestone in its proprietary
offering to help accelerate eCommerce innovation and make payments
more secure. Visa Token Service replaces a cardholder’s 16-digit
Visa account number with a secure token that protects the
underlying card number from fraudsters.
The rapid adoption of Visa’s tokenization technology comes as
the world’s massive shift to digital has changed the way we live,
work and buy, with 90% of shoppers hesitant to shop in stores and
45% claiming online shopping is now a necessity1. With digital
buyers expected to hit 2.1 billion worldwide by 20212, Visa’s
tokenization technology as well as its click to pay experience play
a vital role in strengthening digital payment security globally,
which is more critical now than ever before.
With more merchants and retailers adopting tokenization
technology, VTS is scaling and accelerating its credential-on-file
(COF) tokenization efforts. Today, there are over 13,000 merchants
transacting with Visa COF tokens3. There are also over 8,200
issuers enabled on Visa Token Service from 150 markets.
“The world’s massive shift to digital underscores the need for
easy and secure digital commerce, which is why we’ve seen such an
increase in the number of tokens issued by Visa Token Service,”
said Ansar Ansari, senior vice president, digital payment products,
Visa. “In the last 12 months alone, Visa has issued more than 680
Million tokens, and we’re excited to be expanding our capabilities
even further so we can secure even more types of digital
transactions – even those without a 16-digit Visa credential.”
The Next Billion Tokens – Visa Takes Tokenization From the
Card to Cloud
Looking ahead, Visa is launching new and evolved solutions to
minimize operational risks around data protection for merchants and
mobile carriers, reducing unnecessary steps and friction for
consumers. These advancements enable Visa to implement the latest
industry-leading security measures that can be applied at both the
network and financial institution level.
- Token ID Expands Tokenization Capabilities Beyond the
Card: Visa is unveiling the rebrand of its recently acquired
Rambus Payments token services business, to Token ID – A Visa
Solution. Token ID 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. When working in
collaboration with Visa Token Service, Token ID will help clients
scale fraud-reduction, secure payment solutions achieved by
tokenization technology, while helping Visa expand its tokenization
services to new markets with specific localization requirements
such as Turkey and China.
- Token Management Service by CyberSource: Token
Management Service by CyberSource centralizes and simplifies token
management to secure customer payment data, improve payment
conversions and eases PCI compliance implications. It links tokens
across service providers, all payment types and channels for
merchants, acquirers and technology platforms. It creates one
unified token identifier – a token-of-tokens – to centralize and
orchestrate management of all payment instruments, including cards,
bank accounts and local payment schemes. The unified token
identifier generated by CyberSource protects sensitive customer
payment data and provides a 360-degree view of the customer across
payment channels, merchant rewards, and loyalty programs.
- Cloud Tokens: As consumers expand their use of devices
for online shopping, Visa has enabled a new, cloud-based system
that allows more flexibility than binding tokens to a single
device. The Visa Cloud Token Framework enables eCommerce and
card-on-file tokens provisioned to the consumers’ account to be
bound to multiple trusted devices. Cloud Tokens are available
globally but launched first in LAC. Specifically, Brazilian
consumers are the first in the world to use the new Visa Cloud
Token technology to help enable secure payments on WhatsApp.
The 1 billion tokens milestone is another key moment in this
drive to innovate, and comes on the heels of Visa naming 28 new
partners to VTS as COF token requestors, set to make digital
transactions more secure by tokenizing both one-time and recurring
payments made with Visa credentials.
For more information about Visa Token Service, visit here.
1 Retail Systems Research Consumer Report: March 2020 2
Statista, Number of digital buyers worldwide from 2014 to 2021 3
VisaNet merchant data based on tokenized transactions processed
between Jan. 2019 and June 2020
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version on businesswire.com: https://www.businesswire.com/news/home/20200622005749/en/
Visa Inc. Tierney Deggelman, 650-418-0352 tdeggelm@visa.com
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