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Visa, one of the leading players in the digital payments ecosystem, recently confirmed that it has issued over 4 billion network tokens worldwide through its token service. Visa Token Service (VTS) has grown significantly in popularity over the past 12 months.
In an official announcement shared by the company on Wednesday, Visa noted that transaction volumes related to e-commerce have increased by more than 50% since the outbreak of the pandemic. Due to the growing demand for digital transactions, Visa tokens have surpassed physical Visa cards in circulation today.
Tokenization is a simple yet powerful concept pioneered by Visa. Hiding and devaluing sensitive payment data keeps us one step ahead of fraudsters and makes digital payments safer. Said Jack Forester, executive vice president and chief product officer at Visa, said: The fact that issuers, acquirers, merchants and consumers are all transacting with Visa tokens confirms that the future of money is truly digital and that digital money must be built on trust. I have.
Over the past few years, Visa has stepped up its acquisition activity to expand its global presence. In March of this year, the Nasdaq-listed company announced the completion of its acquisition of open banking platform Tink.
According to Forestell, the company is committed to providing a secure, technology-driven environment for international trade.
This milestone demonstrates Visas continued investment in secure, trustworthy and seamless transactions around the world. Continued adoption of tokenization helps individuals, businesses and economies thrive. It helps us realize Visa’s mission to:
Analysis by Visa shows that the use of Visa tokens has reduced fraud rates.
Tokens are the unsung heroes of e-commerce that the entire payments ecosystem can benefit from, with issuers, acquirers, merchants and consumers all benefiting from reduced fraud and cross-device usage. We enjoy many benefits, including ease of use, the company added.
Visa, one of the leading players in the digital payments ecosystem, recently confirmed that it has issued over 4 billion network tokens worldwide through its token service. Visa Token Service (VTS) has grown significantly in popularity over the past 12 months.
In an official announcement shared by the company on Wednesday, Visa noted that transaction volumes related to e-commerce have increased by more than 50% since the outbreak of the pandemic. Due to the growing demand for digital transactions, Visa tokens have surpassed physical Visa cards in circulation today.
Tokenization is a simple yet powerful concept pioneered by Visa. Hiding and devaluing sensitive payment data keeps us one step ahead of fraudsters and makes digital payments safer. Said Jack Forester, executive vice president and chief product officer at Visa, said: The fact that issuers, acquirers, merchants and consumers are all transacting with Visa tokens confirms that the future of money is truly digital and that digital money must be built on trust. I have.
Over the past few years, Visa has stepped up its acquisition activity to expand its global presence. In March of this year, the Nasdaq-listed company announced the completion of its acquisition of open banking platform Tink.
According to Forestell, the company is committed to providing a secure, technology-driven environment for international trade.
This milestone demonstrates Visas continued investment in secure, trustworthy and seamless transactions around the world. Continued adoption of tokenization helps individuals, businesses and economies thrive. It helps us realize Visa’s mission to:
Analysis by Visa shows that the use of Visa tokens has reduced fraud rates.
Tokens are the unsung heroes of e-commerce that the entire payments ecosystem can benefit from, with issuers, acquirers, merchants and consumers all benefiting from reduced fraud and cross-device usage. We enjoy many benefits, including ease of use, the company added.
