Visa to Remove 16-Digit Account Number in Online and Mobile Payments
Company announces new deployments of Visa Token Service to protect consumer account information
“In 2015, Visa will offer secure payments across a wide variety of devices, platforms and apps,” said
Mobile Devices and Platforms
- Visa Token Service made its commercial debut in
October 2014, enabling mobile payments on select Appledevices using Visa accounts through the Apple Pay service.
- 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.
Mobile Payment Applications
- 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 Hutand Staples, who have already deployed Visa Checkout, will have the opportunity to benefit from safer transactions using Visa’s token technology.
- In 2015 financial institutions globally across
Asia Pacific, Latin Americaand the U.S. will also begin deploying Visa Token Service in support of their mobile payment applications and services.
- Visa is also helping to improve the safety of eCommerce by eliminating the need for online retailers to store payment account information in order to easily fulfill eCommerce purchases. 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.
“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 Scharf. “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.”
Elvira Swanson, +1 650-504-4537 (mobile)