Visa announced that the company has now issued more than 4 billion network tokens worldwide through Visa Token Service (VTS), marking a major milestone in its proprietary offering to help secure digital payments and further accelerate ecommerce innovation and acceptance.
This historic milestone, which nearly doubled Visa’s token count in one year, surpasses the number of physical Visa cards in circulation worldwide.
“Tokenization is a simple, yet powerful concept pioneered by Visa: conceal and devalue sensitive payment data to stay ahead of fraudsters and make digital payments more secure,” said Jack Forestell, executive vice president and chief product officer at Visa. “The uptick in issuers, acquirers, merchants and consumers all transacting with Visa tokens, reinforces that the future of money is truly digital, and digital money must be built on trust.”
E-commerce volume has grown by more than 50 percent1 since the onset of the pandemic. But with the convenience of online shopping comes increased consumer expectations and demand for simple and safe transactions. Visa is innovating ahead of consumer demand through Visa Token Service, which replaces 16-digit Visa account numbers with a digital token only Visa can unlock, helping to protect the underlying account information from fraudsters and bad actors.
Visa analysis shows that across more than 8,600 issuers and 800,000 merchants, Visa tokens have led to a 28 percent reduction in fraud rates and a 3 percent increase in approval rates – increasing sales for merchants while saving them money on fraud-related expenses.
The Future of Authentication, Anchored by Tokens
In an age where most of our financial lives exist in the cloud, advanced technology helps ensure customer data is protected wherever transactions take place. Authentication 2.0 – the future of consumer protection – is anchored by tokens and tools such as Visa’s Cloud Token Framework (CTF), which is designed to enhance security and increase approval rates for card-not-present transactions across multiple payment experiences and devices.
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1 https://www.digitalcommerce360.com/article/us-ecommerce-sales/
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
