Visa Token Service Issues Its 1 Billionth Token
Visa Announces Expansion of Visa Token Service to Protect More Types of Digital Transactions
The rapid adoption of Visa’s tokenization technology comes as the world’s massive shift to digital has changed the way we live, work and buy, with 90% of shoppers hesitant to shop in stores and 45% claiming online shopping is now a necessity1. With digital buyers expected to hit 2.1 billion worldwide by 20212, Visa’s tokenization technology as well as its click to pay experience play a vital role in strengthening digital payment security globally, which is more critical now than ever before.
With more merchants and retailers adopting tokenization technology, VTS is scaling and accelerating its credential-on-file (COF) tokenization efforts. Today, there are over 13,000 merchants transacting with Visa COF tokens3. There are also over 8,200 issuers enabled on Visa Token Service from 150 markets.
“The world’s massive shift to digital underscores the need for easy and secure digital commerce, which is why we’ve seen such an increase in the number of tokens issued by Visa Token Service,” said
The Next Billion Tokens – Visa Takes Tokenization From the Card to Cloud
Token ID Expands Tokenization Capabilities Beyond the Card:
Visais unveiling the rebrand of its recently acquired Rambus Payments token services business, to Token ID – A Visa Solution. Token ID expands Visa’s tokenization capabilities beyond card-based payments on the Visanetwork to those on domestic card networks, account-based and real-time payments. When working in collaboration with Visa Token Service, Token ID will help clients scale fraud-reduction, secure payment solutions achieved by tokenization technology, while helping Visaexpand its tokenization services to new markets with specific localization requirements such as Turkeyand China.
- Token Management Service by CyberSource: Token Management Service by CyberSource centralizes and simplifies token management to secure customer payment data, improve payment conversions and eases PCI compliance implications. It links tokens across service providers, all payment types and channels for merchants, acquirers and technology platforms. It creates one unified token identifier – a token-of-tokens – to centralize and orchestrate management of all payment instruments, including cards, bank accounts and local payment schemes. The unified token identifier generated by CyberSource protects sensitive customer payment data and provides a 360-degree view of the customer across payment channels, merchant rewards, and loyalty programs.
Cloud Tokens: As consumers expand their use of devices for online shopping,
Visahas enabled a new, cloud-based system that allows more flexibility than binding tokens to a single device. The Visa Cloud Token Framework enables eCommerce and card-on-file tokens provisioned to the consumers’ account to be bound to multiple trusted devices. Cloud Tokens are available globally but launched first in LAC. Specifically, Brazilian consumers are the first in the world to use the new Visa Cloud Tokentechnology to help enable secure payments on
The 1 billion tokens milestone is another key moment in this drive to innovate, and comes on the heels of
For more information about Visa Token Service, visit here.
1 Retail Systems Research Consumer Report:
2 Statista, Number of digital buyers worldwide from 2014 to 2021
3 VisaNet merchant data based on tokenized transactions processed between