Creates secure environment to help accelerate innovation in ecommerce and mobile payments
FOSTER CITY, Calif. - Wednesday, September 10th 2014 [ME NewsWire]
(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 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.
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,
visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.
Contacts
Press Only
Visa Inc.
Caroline Capers, +1 415-519-3027 (mobile)
ccapers@visa.com
globalmedia@visa.com
Jake Standish, +1 415-770-3027 (mobile)
jstandis@visa.com
globalmedia@visa.com
Fleishman-Hillard
Tom Suiter, +1 415-730-6521 (mobile)
tom.suiter@fleishman.com
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