Visa Announces Expansion of Token Service to Protect More Types of Digital Transactions
Visa 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 account number with a secure token that protects the underlying card number from fraudsters.
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“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.”
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.
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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 credential.”
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