Illustrating the growing imperative to protect digital transactions, Visa Token Service has passed the milestone of 4 billion tokens issued
Visa (NYSE:V) today announced that it has issued over 4 billion network tokens, to date, worldwide Visa Token Service (VTS), thus taking a major step forward in the context of its exclusive offer, intended to contribute to the security of digital payments, the acceleration of innovation, and the generalization of electronic commerce. This historic milestone, which marks an almost doubling of the number of tokens in one year, means that these tokens now exceed the number of physical Visa cards in circulation, worldwide. This step underscores the great security these tokens provide to merchants, issuers and consumers alike.
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“Tokenization is a simple yet powerful concept pioneered by Visa: hiding and devaluing sensitive payment data to stay ahead of fraudsters, and make digital payments more secure,” said Jack Forestell, Executive Vice President and Chief Product Officer, Visa. “The increase in the number of issuers, acquirers, merchants and consumers transacting with Visa tokens reinforces the prospect of fully digital, and necessarily trust-based, money. »
E-commerce volume increased by more than 50%1 since the start of the pandemic. With the convenience of shopping online, however, come higher expectations from consumers, who demand transactions that are both simple and secure. Visa is breaking new ground in anticipating this consumer demand, through the Visa Token Service, which replaces 16-digit Visa account numbers with a digital token that only Visa can unlock, helping to protect the underlying account information from fraudsters and malicious actors.
Tokens: the security guards of online shopping
Tokens are the unsung heroes of e-commerce, from which the entire payments ecosystem stands to benefit, with issuers, acquirers, merchants and consumers all seeing a host of benefits, including reduced fraud, ease of use on different devices, and more.
According to Visa’s analysis of more than 8,600 issuers and 800,000 merchants, Visa tokens have led to a 28 percent reduction in fraud, and a 3 percent increase in approval rates – enabling merchants to increase their sales while saving on fraud-related expenses.
The future of authentication, consolidated by tokens
In an era where most of our financial existence takes place in the cloud, cutting-edge technologies help ensure that customer data is protected wherever transactions take place. Authentication 2.0, the future of consumer protection, is powered by tokens and tools such as Visa’s Cloud Token Framework (CTF), which is designed to improve security and increase tokenization rates. approval for card-not-present transactions across multiple payment experiences and devices.
“Achieving this milestone demonstrates Visa’s continued investment in making transactions safe, reliable and seamless around the world,” said Mr. Forestell. “Continued adoption of tokenization will help fulfill Visa’s mission of enabling people, businesses and economies to thrive. »
To learn more about how Visa is leading transformation through tokens, visit here.
About Visa
Visa Inc. (NYSE: V) is the global leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network, and in doing so, enable people, businesses and economies to thrive. Our state-of-the-art global processing network, VisaNet, provides secure and reliable payments worldwide, and is capable of handling over 65,000 transaction messages per second. The company’s unwavering focus on innovation is a catalyst for the rapid growth of digital commerce accessible to anyone, anywhere on any device. As the world shifts from analog to digital, Visa is bringing its brand, products, people, network and scale to shape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
1 https://www.digitalcommerce360.com/article/us-ecommerce-sales/
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