Visa Inc. V, the global leader in payments, today announced the launch
of Visa Token Service – an innovative technology that provides a secure
environment to help drive innovation in online and mobile commerce.
Visa Token Service replaces sensitive payment account information found on
plastic cards with a digital account number or “token”. Because “tokens” do
not carry a consumer's payment account details, such as the 16-digit account
number, they can be safely stored by online merchants or on mobile devices to
facilitate ecommerce and mobile payments.
“When you make the payment environment safer, you open up a world of
possibilities where commerce can take place in different forms and consumers
can shop anywhere, on any device, with confidence,” said Charlie Scharf, Chief
Executive Officer, Visa Inc. “Visa Token Service is yet another example of
where we have opened up our network to create meaningful solutions in the form
of new standards, tools and services that can enable digital payment
experiences that are both engaging and secure.”
Visa Token Service will be available to Visa Inc. issuing financial
institutions globally, starting with U.S. financial institutions next month,
and followed by a phased roll-out overseas beginning in 2015. The technology
has been designed to support payments with mobile devices using all major
mobile platforms.
“Over the past year, Visa has led the global payments industry in the
development of new payments standards and services designed to protect
consumers' account information when shopping online and with mobile devices,”
said Ryan McInerney, President, Visa Inc. “More than 750 staff from across the
Visa organization globally were involved in the effort, working closely with
our initial launch partners - financial institutions, merchants and processors
- to ensure the ecosystem was ready. Today, we are making these services
available to our clients, and believe it will help transform connected devices
and wearables into secure payment vehicles.”
Technology That Drives Industry Innovation and Protects Consumers
Visa Token Service provides a seamless experience for consumers making
purchases online and with mobile devices, while preserving the integrity of
the Visa payment transaction. Key benefits of Visa Token Service include:
* Consumer Protection: Tokens replace the 16-digit account information found
on plastic cards with a numeric substitute. This new identifier is called
a digital account number and it can facilitate payment transactions
without sharing sensitive personal account information.
* Customized Usage: Tokens can be limited to specific merchants, mobile
devices or types of purchases – providing another form of innovation and
security.
* Convenience and Cost Effectiveness: Tokens linked to lost or stolen mobile
devices can be instantly reissued without changing account numbers or
reissuing plastic cards.
* Easy Processing: Tokens are based on existing International Organization
for Standardization (ISO) standards and can therefore be processed and
routed by merchants, acquirers and issuers like traditional card payments.
For more information visit: www.visa.com/digitalsolutions
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