Visa is to expand its Visa Token Service to more regions, to a range of mobile devices and to online transactions made using its Visa Checkout service in 2015, the payments network has announced, “helping to prevent exposure of sensitive consumer account information in online and mobile payments.”
More than 500 financial institutions have started deploying the Visa Token Service since its launch in September 2014, Visa says, with financial institutions in Asia Pacific, Latin America and the US set to begin deploying Visa Token Service in support of their mobile payment applications and services in 2015.
To date, more than 110 merchants globally have deployed Visa Checkout, a payments service unveiled in July 2014 that enables consumers to pay for goods online in just a few clicks, Visa adds, and “some of the largest ecommerce merchants” are now committed to deploying Visa Token Service in 2015.
“Leading device manufacturers and technology companies” will also begin deploying Visa Token Service in 2015, the network says, “to deliver secure mobile payments through their phones, tablets and other connected devices — expanding the reach of this secure mobile technology to tens of millions of consumers.”
“In 2015, Visa will offer secure payments across a wide variety of devices, platforms and apps,” says Visa CEO Charles Scharf. “In order to enable these innovative new ways to pay, we are deploying smart technologies that help to prevent fraud, while also maintaining consumer and merchant trust in digital commerce.
“Removing card account numbers from the processing and storage of payments represents one of the most innovative and promising technologies we’ve seen in decades. This, combined with chip card technology, advances in account holder authentication through analytics and biometrics, and more sophisticated risk monitoring, will allow Visa account holders to enjoy new, secure payment experiences.”