Visa Launches Innovative Token Service
Creates secure environment to help accelerate innovation in ecommerce and mobile payments
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
Visa Token Service will be available to
“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
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
Caroline Capers, +1 415-519-3027 (mobile)
Jake Standish, +1 415-770-3027 (mobile)
Tom Suiter, +1 415-730-6521 (mobile)