Visa Token issues its one billionth token

Visa has now issued more than one billion tokens worldwide through Visa Token Service (VTS), marking a milestone in its proprietary offering to help accelerate e-commerce innovation and make payments more secure.

VTS replaces a cardholder’s 16-digit account number with a secure token that protects the underlying card number from fraudsters.

With more merchants and retailers adopting tokenisation technology, VTS is scaling and accelerating its credential-on-file tokenisation efforts. Today, there are over 13,000 merchants transacting with Visa COF tokens, with more than 8,200 issuers enabled on VTS 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 Ansar Ansari, senior vice president, digital payment products at Visa.

“In the last 12 months alone, Visa has issued more than 680 million tokens, and we’re excited to be expanding our capabilities even further so we can secure even more types of digital transactions – even those without a 16-digit Visa credential.”

Visa is also unveiling the rebrand of its recently acquired Rambus Payments token services business, to Token ID – A Visa Solution. Token ID expands Visa’s tokenisation capabilities beyond card-based payments on the network to those on domestic card networks, account-based and real-time payments.

As consumers expand their use of devices for online shopping, Visa has enabled a new, cloud-based system that allows more flexibility than binding tokens to a single device. The Visa Cloud Token Framework enables e-commerce 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 Brazil, with consumers there being the first in the world to use the technology to enhance secure payments on WhatsApp.

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