Visa will expand enhanced security benefits of tokenization beyond Visa cards to any type of transaction, including domestic card networks, account-based and real-time payments systems
Visa is one of the industry leaders in tokenization technology which replaces sensitive payment information with a unique identifier, or “token”, to make digital payments safer. Today, Visa offers these capabilities through Visa Token Service for card-based payments on the Visa network. Rambus’ token technology will enable Visa to extend the security and convenience of tokenization to all types of transactions beyond Visa cards, including those on domestic card networks, account-based and real-time payments systems.
“Facilitating safer, more secure digital transactions is core to Visa’s brand promise and central to growing electronic payments for everyone, everywhere. As the way people and businesses pay and get paid continues to evolve, the addition of Rambus’ technology will allow us to deliver greater security beyond the card to support more transactions, payments systems and participants,” said TS Anil, SVP, global head of payment products and platforms, Visa. “Going forward, we will apply these expanded capabilities, expertise and scale to help further all forms of global commerce.”
Tokenization has been one of the most effective ways of reducing fraud and securing card payments at the point-of-sale, online and for stored card credentials. Following the launch of Visa Token Service in 2014, Visa has made significant progress building and scaling tokenization for card-based payments – Visa has enabled 100 markets for tokenization providing this capability to 90 percent of Visa’s total payment volume, with more than 60 global token requestors recently added to the token platform.
“Rambus Payments and Ticketing solutions are at the forefront of tokenization technology,” said
Beyond tokenization, Rambus’ digital ticketing portfolio and expertise in transit complement Visa’s commitment to delivering global transit and mobility solutions to public transit operators, technology partners and cities around the world. Visa has nearly 250 transit projects underway around the world, helping millions of people get where they are going faster and easier than ever before. Visa will continue to support public transport operators, clients and partners to deliver new forms of acceptance and mobility solutions, helping improve the passenger experience for billions of journeys.
The transaction is subject to relevant regulatory approvals and other customary closing conditions.
This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “will,” “is expected,” and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the benefits to Visa arising from the completion of the transaction.
By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa’s forward-looking statements due to a variety of factors, including the risk that the transaction may not be consummated; the closing conditions relating to the transaction; and various other factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended
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