“Consumers are shifting more rapidly than ever to digital-first commerce, no matter what they’re buying, and tokenization is one of the most effective tools Visa uses to fight fraud and improve the digital payment experience,” said Ansar Ansari, senior vice president, digital payment products, Visa. “We’ve seen a fraud reduction rate of 26% for digital transactions processed through Visa Token Service compared to traditional online card transactions2. That’s impressive, and these new partners will only add to the momentum.”
Please also watch in video: Visa Token Service for eCommerce
VisaCommunication , Jan 14, 2020
Visa Token Service can help eCommerce businesses get higher authorization rates, reduce fraud, and keep their customers happy. Learn more about Visa Token Service at https://www.visa.com/tokenservice ,
VISA INC.
businesswire , May 13, 2020
Visa Token Service to Add 28 New Partners to Strengthen Digital Payment Security Globally
The new partners will help Visa protect millions of additional digital payments from fraudsters and reduce friction for merchants and consumers
SAN FRANCISCO–(BUSINESS WIRE)–Visa Inc. (NYSE:V) today announced that 28 new partners will be joining Visa Token Service as credential-on-file (COF) token requestors. These new partners will help make digital transactions more secure by tokenizing both one-time and recurring payments made with Visa credentials. Tokenization replaces a cardholder’s 16-digit Visa account number with a token that only Visa can unlock, protecting the underlying card number from fraudsters.
New partners joining Visa Token Service include acquirer gateway and technology partners Assist, Aurus, BlueSnap, Braspag, Bambora, DPO PayGate, eComCharge, Fat Zebra, eGHL, Infinitium, iPay88, iVeri, LiqPay/PrivatBank, Mail.ru, Moneris, One Inc., Omise, Payture, Payvision, Portmone.com, RBK.Money, Spreedly, Tickets Travel Network EESTI, Tranzzo, walletdoc, WayForPay, Windcave, and Yandex.Money. Once certified, these 28partners will be able to tokenize credential-on-file digital payments on behalf of their merchant and payment clients for an additional level of security.
In addition to enhancing security, tokenization also helps reduce friction in the payment process, because customers do not have to manually update stored card information if their Visa card is lost, stolen or expires. Instead, financial institutions can automatically update expired or compromised payment credentials. This can reduce missed payments for merchants, and help consumers avoid unwanted late payment fees or charges.
More than two-thirds (69%) of US consumers choose to store a card-on-file or have recurring billing set up with merchants1. Increasingly, these merchants are choosing tokenization to make their customers’ online shopping and recurring digital payments less susceptible to fraud, with Visa adding more than 150 token requestor partners to Visa Token Service in the last five years.
“Consumers are shifting more rapidly than ever to digital-first commerce, no matter what they’re buying, and tokenization is one of the most effective tools Visa uses to fight fraud and improve the digital payment experience,” said Ansar Ansari, senior vice president, digital payment products, Visa. “We’ve seen a fraud reduction rate of 26% for digital transactions processed through Visa Token Service compared to traditional online card transactions2. That’s impressive, and these new partners will only add to the momentum.”
The expansion of Visa Token Service comes as the service has achieved rapid growth for its credential-on-file (COF) tokenization efforts, with more merchants and retailers moving to adopt the secure technology. Since the launch of the Visa Token Service in 2014, Visa has added more than 150 global token requestors—including mobile and wearable manufactures, issuer wallets, online merchants, payment service providers and acquirers—from 137 markets onto the token platform. Visa recently announced participants in Visa Token Service (VTS) are estimated to process a combined digital payment volume of $1 trillion3, marking a significant opportunity in its efforts to make digital payments more secure.
The addition of these new acquirer gateways and token requestors will bring additional scale globally and support Visa’s commitment to security and convenience of online and mobile payments from both traditional eCommerce as well as credential-on-file transactions.
PLEASE ALSO WATCH
The tokenization of things | Matthew Roszak | TEDxSanFrancisco
TEDx Talks , Oct 31, 2017
Matthew Roszak shares how we’re transitioning from an old model where money use to equal to power changing to money becoming technology via the rise of cryptocurrencies and tokenized assets on the blockchain. Matthew Roszak is co-founder and chairman of Bloq, a leading blockchain enterprise software company. Mr. Roszak is also founding partner of Tally Capital, a private investment firm focused on digital assets and blockchain-enabled technology with a portfolio of over 20 investments, including Block.One, Civic, Factom, Rivetz and Qtum.
Mr. Roszak is a blockchain investor, entrepreneur and advocate. He has spent over 20 years in private equity and venture capital with Advent International, Keystone Capital Partners, Platinum Venture Partners and SilkRoad Equity, and has invested over $1 billion of capital (from start-up to IPO) in a broad range of industries.
Mr. Roszak is a director and beneficial owner of Eboost, Enter Financial, MissionMode, Neu Entity, Onramp, SolidSpace and TrueLook. Mr. Roszak serves as chairman of the Chamber of Digital Commerce, the world’s largest trade association representing the blockchain industry. In addition, Mr. Roszak serves on the board of BitGive, a no This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx
How does tokenization work?
Judopay , Jul 3, 2015
How is tokenization used to secure mobile payments? Dennis Jones, CEO of judo payments explains how tokenization is used by payment service providers and merchants. https://www.judopay.com/ | Secure payments build for mobile
