Visa Launches Innovative Token Service

Visa Launches Innovative Token Service | PakistanTribe.comISLAMABAD –  Visa, 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 commerce.   

 
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 secure.”   
 
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 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.

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