Visa Inc., the global leader in payments, announced that it is expanding the use of new security technology that replaces the traditional 16-digit Visa account number with a unique series of numbers, helping to prevent exposure of sensitive consumer account information in online and mobile payments.
In September 2014, Visa launched Visa Token Service (VTS), an innovative technology that replaces sensitive payment account information found on plastic cards, such as the 16-digit account number, expiration date and security code, with a unique series of numbers that can authorize payment without exposing actual account details. Visa Token Service made its commercial debut in October 2014, enabling mobile payments on select Apple devices using Visa accounts through the Apple Pay service.
“Removing card account numbers from the processing and storage of payments represents one of the most innovative and promising technologies we’ve seen in decades,” said Charlie Scharf, chief executive officer, Visa Inc. “This, combined with chip card technology, advances in account holder authentication through analytics and biometrics, and more sophisticated risk monitoring, will allow Visa account holders to enjoy new, secure payment experiences.”
To date, more than 500 financial institutions have started to implement VTS. This year more financial institutions globally across Asia Pacific, Latin America and the U.S. will also begin deploying Visa Token Service in support of their mobile payment applications and services.
In 2015 other leading device manufacturers and technology companies will begin deploying Visa Token Service to deliver secure mobile payments through their phones, tablets and other connected devices – expanding the reach of this secure mobile technology to tens of millions of consumers.
Visa also plans to tokenize transactions initiated online with Visa Checkout, Visa’s online payment service that allows consumers to complete eCommerce purchases in just a few clicks. More than 110 merchants globally, including Gap, Gymboree, Neiman Marcus, Orbitz, Pizza Hut and Staples, who have already deployed Visa Checkout, will have the opportunity to benefit from safer transactions using Visa’s token technology. In 2015, Visa expects some of the largest eCommerce merchants to deploy Visa Token Service, using tokens to process consumer eCommerce purchases rather than actual payment account information.
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:
