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Visa Launches Click to Pay Experience for Simple and Secure Online Checkouts As Visa Token Service Hits Major Milestone

Visa Launches Click to Pay Experience for Simple and Secure Online Checkouts As Visa Token Service Hits Major Milestone

With the expanding sphere of digital commerce, participation in Visa Token Services (VTS) has hit a major milestone, Visa reported. The firm announced that its efforts to make digital payments more secure have been complemented by the estimate that Visa Token Service participants will process a combined ecommerce volume of $1 trillion*.

A major reason behind the widespread adoption of tokenization is due to the fact that it replaces sensitive payment information with a unique identifier (token) and protects the underlying sensitive payment information. This has provided consumers with the peace of mind to transact online, leaving fraud woes behind. The fact that consumer spending went up 19.7% despite a shortened holiday season in 2019 speaks for itself how technology has enabled and empowered online transactions. One-third of the $125.6 billion that the consumers spent in the period of November-December 2019 happened on smartphones. Digital shopping has played a lead role in transforming the retail industry and buyer behavior at large.

With the number of digital buyers estimated to touch a staggering 2.1 billion by 2021, an even larger adoption of tokenization awaits. Visa reported that 69% of US buyers store a card-on-file or have a recurring billing set up with their most trusted retailers. For those who don’t (want to) save their card, Visa has just the right option!

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Click to Pay with Visa

Starting January 21, active Visa Checkout merchants in the US will transition to a new online shopping experience for card payments across web and mobile sites, mobile apps, and connected devices. Consumers who don’t store their card details online can choose to pay with their Visa cards wherever they see a click to pay button where Visa is accepted. This will also allow consumers to bypass form fields/passwords and skip guest checkout with select retailers. Rest, it will be Visa’s lookout to protect transactions with its advanced technology and authentication methods, including device binding and biometrics. Furthermore, EMVCo tokenization specification and 3-D Secure specification capabilities will also be in place.

Jack Forestell, Chief Product Officer at Visa said, “At Visa, one of our primary goals has always been to create the best customer experience possible. As digital transaction volume grows, there has never been more urgency to build increased confidence in the seamlessness and security of online shopping. This is why Visa is committed to the success of the click to pay experience and the added level of security that tokens bring to electronic payments.”

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Global Expansion of eCommerce

It has been reported that executives across the world rate quick delivery (44%), easy checkout (41%) and convenient payment methods (41%) as the most crucial factors in online sales. January 2020 will also see the replacement of Visa Checkout in the US with the Visa simplified online checkout experience. This will further expand its reach across various markets globally. This will enable retailers to offer similar online checkout experiences that international customers demand.

*This figure is a combination of actuals and PV estimates reported by Visa.

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