Business Wire

Visa Token Service Issues Its 1 Billionth Token

Share

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 13,000merchants 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

Contact information

Visa Inc.
Tierney Deggelman, 650-418-0352
tdeggelm@visa.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Aptorum Group Launches Infectious Disease Liquid Biopsy Subsidiary Start-up and Exclusively In-licensed from Singapore based Accelerate Technologies To Co-Develop Molecular Based Rapid Pathogen Diagnostics Technology To Track Pathogenic Genome29.9.2020 12:00:00 CESTPress release

Regulatory News: Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) ) (“Aptorum Group” or “Aptorum”), a biopharmaceutical company focused on novel technologies including the targeting of infectious diseases, announced its launch of Aptorum Innovations - an infectious disease liquid biopsy diagnostics subsidiary and its newly established exclusive in-licensing arrangements with Accelerate Technologies Pte Ltd (“Accelerate Technologies”), commercialization arm of the Singapore’s Agency for Science, Technology and Research (“A*STAR”), to co-develop novel molecular-based rapid pathogen identification and detection diagnostics (“RPIDD”) technology. Aptorum Innovations, intends to target the global molecular diagnostics market estimated to reach USD$13.8billion in market size by 2025, of which 60% is estimated to be attributable to the infectious disease segment1, with its next-generation RPIDD technology. The RPIDD technology was initiated and currently under development at A*STAR. Th

Jellagen ® Ltd Announces Collaboration With Mayo Clinic29.9.2020 11:35:00 CESTPress release

Jellagen® Limited, a marine biotechnology business manufacturing high value collagen derived from jellyfish, has entered into a license agreement for an exclusive grant to patent rights with Mayo Clinic for the development in treatment of vocal cord paralysis. Vocal cord paralysis [VCP] is an injury to one or both recurrent laryngeal nerves (RLNs), which control most of the muscles of the larynx. This results in paralysis of the vocal cord muscles which can lead to airways obstruction, dyspnea, altered voice etc. VCP is caused by surgery side effects, trauma, tumors, etc. It is also frequent in the vocal cords of “heavy users” population such as singers, actors, politicians and teachers. The worldwide VCP market is estimated at $2.6B in 2020 with the bulk injection market segment accounting for 15% with 4% CAGR over the next five years, i.e $380M in 2020. Thomas-Paul Descamps, Chief Executive Officer, commented, “We are very proud to have signed this agreement with Mayo Clinic and is t

Open Banking: Partnership between Ebury and Nexi29.9.2020 11:30:00 CESTPress release

Nexi, the leading Italian PayTech in digital payments, signs a partnership with Ebury, one of the world's leading Fintech companies providing global transaction banking services to businesses. According to the agreement, Ebury, founded in 2009 and with offices in 20 countries including Italy, joins Nexi Open. Nexi's partner banks will be able to offer their clients the full suite of Ebury services, including international cash management, FX risk management and import/export lending. Credit institutions will be able to expand their global transaction services with innovative solutions to overcome some of the traditional complexities of cross-border transactions. For example, Ebury International Cash Management services allow customers to open multi-currency accounts in a few hours; FX Risk Management services help businesses to reduce the risks associated with international trade; the single platform for cross-border payments gives customers a simple and transparent way to pay supplier

Boehringer Ingelheim invests to further develop the pet care market in China29.9.2020 10:00:00 CESTPress release

Boehringer Ingelheim has acquired an equity stake in China-based New Ruipeng Group (NRP Group). NRP Group is a fast-growing business that offers veterinary care, e-commerce and many other services to pet owners and the broader animal health market across China. “Improving the health of animals and humans is what drives us in Boehringer Ingelheim. Strong collaborations and partnerships have always been key to achieving this goal,” commented Jean Scheftsik de Szolnok, Member of the Board of Managing Directors with responsibility for Animal Health. “Together with NRP Group and other partners we are looking forward to serving pet owners in China and contributing with our knowledge in areas such as disease understanding or training and education.” China’s pet market is one of the fastest growing markets in the world. The number of pets is continuously rising as they play an increasingly significant role in people’s lives, and pet owners are looking for integrated online and offline products

GLEIF Defines new Validation Agent Role for Banks & Financial Institutions to Simplify and Accelerate Client Lifecycle Management29.9.2020 09:55:00 CESTPress release

The Global Legal Entity Identifier Foundation (GLEIF) has today announced that financial institutions (FIs) worldwide can realize a variety of cost, efficiency and customer experience benefits by assuming a new ‘Validation Agent’ role within the Global LEI System. FIs acting as Validation Agents simplify LEI issuance for their clients, reduce time-to-revenue, and future proof their institutions for digital innovation. The Validation Agent Framework is a new operational model in the Global LEI System. By leveraging their know-your-customer (KYC), anti-money laundering (AML) and other regulated ‘business-as-usual’ onboarding processes, Validation Agents can now obtain an LEI for their customers when verifying a client’s identity during initial onboarding or during a standard client refresh update. Until now, labor intensive and time consuming legal document and data collection procedures, which are conducted as standard to verify the identity of a client entity within a bank’s onboarding

ADVA delivers unprecedented precision in timing networks with TrueTime™29.9.2020 09:00:00 CESTPress release

ADVA (FSE: ADV) today announced a new and robust way to deliver unprecedented levels of precision in timing networks. Built on ADVA’s TrueTime™ technology, this new end-to-end solution will prove key for 5G, smart grid and other time-sensitive applications. Unlike other delivery mechanisms, TrueTime™ uses PTP-optimized optical transport to provide accurate synchronization from the core of the network all the way to the edge. It does this by combining ePRTC core clocks and ultra-precise boundary clocks to ensure nanosecond timing. Not only does this method provide PRTC levels of accuracy, but it’s also more robust than any competing solution and this is key in the battle to mitigate the risk of GNSS vulnerabilities. What’s more, in greenfield deployments, TrueTime™ enables service providers to reduce the number of PRTC core clocks and GNSS equipment, simplifying network management and reducing costs. This press release features multimedia. View the full release here: https://www.busines

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom