Provides a 360-Degree View of Customer Payments Across Channels and Payment Types
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Token Management Service: Smarter Tokens for a Connected Digital World (Photo: Business Wire)
Seventy percent of the world, or more than 5 billion people, will be connected via mobile device by 20201, creating the need for merchants to provide consumers with seamless digital payments that work securely, anywhere and on any device. Laying a foundation for this transition, Visa has developed Token Management Service, part of Visa’s CyberSource payment management platform.
Different token services deployed across multiple digital commerce environments create channel silos, preventing merchants from fully understanding payment behavior across their various customer touchpoints. Token Management Service helps enable merchants to unify payment token implementation in order to provide simple, innovative and seamless purchasing experiences. For example:
“Our clients are seeking to create new integrated commerce experiences that unify their digital and physical operations to gain a comprehensive 360-degree view of their customer interactions,” said
Merchants can deploy Token Management Service with limited changes to their current IT infrastructure. When using the service, payment information is stored in secure Visa data centers. Merchants can benefit directly by reducing costs associated with compliance and minimizing security threats associated with keeping sensitive data on their own networks.
“Merchants operate in an omnichannel world where customers have the power of choice in shopping, namely – how, where, and when to buy. Consumers also value convenience and immediacy in their interaction with merchants and expect a streamlined payment experience regardless of their buying method or platform,” said
The latest addition to Visa’s innovative digital solutions for merchants, Token Management Service is a complementary solution to Visa Token Service, a payment network tokenization service developed by Visa in 2014. Visa Token Service has paved the way for innovative digital payments types, ranging from technologies such as Visa Checkout, to mobile wallets and payment-enabled IoT devices, including wearables, connected cars and appliances and mobile commerce in retail environments. Token Management Service will enable merchants to realize the value of payment-network tokens by simplifying integration into Visa Token Service and other payment network tokenization services.
For more information about Token Management Service, please visit: https://www.cybersource.com/tokenization
1 Source: Cisco Visual Networking Index Global Mobile Data Traffic Forecast Update, 2015-2020
Aida Hadzibegovic, 415-805-4242