Creates secure environment to help accelerate innovation in ecommerce
and mobile payments
FOSTER CITY, Calif.--(BUSINESS WIRE)--
Visa Inc. (NYSE:V), the global leader in payments, today announced the
launch of Visa Token Service – an innovative technology that provides a
secure environment to help drive innovation in online and mobile
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
Charlie Scharf, Chief Executive Officer, Visa Inc. “Visa Token Service
is yet another example of where we have opened up our network to create
meaningful solutions in the form of new standards, tools and services
that can enable digital payment experiences that are both engaging and
Visa Token Service will be available to Visa Inc. issuing financial
institutions globally, starting with U.S. financial institutions next
month, and followed by a phased roll-out overseas beginning in 2015. The
technology has been designed to support payments with mobile devices
using all major mobile platforms.
“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 Ryan McInerney, President, Visa Inc. “More than 750 staff
from across the Visa organization globally were involved in the effort,
working closely with our initial launch partners - financial
institutions, merchants and processors - to ensure the ecosystem was
ready. Today, we are making these services available to our clients, and
believe it will help transform connected devices and wearables into
secure payment vehicles.”
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
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
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
About Visa Inc.
Visa Inc. (NYSE: V) is a global payments technology company
that connects consumers, businesses, financial institutions, and
governments in more than 200 countries and territories to fast, secure
and reliable electronic payments. We operate one of the world's most
advanced processing networks — VisaNet — that is capable of handling
more than 56,000 transaction messages a second, with fraud protection
for consumers and assured payment for merchants. Visa is not a bank and
does not issue cards, extend credit or set rates and fees for consumers.
Visa's innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead of time
with prepaid or pay later with credit products. For more information,
Source: Visa Inc.