Making purchases on mobile devices as simple, convenient and secure as swiping a plastic card. Issuers can start offering a wide variety of digital payment options—including Android Pay and Samsung Pay—as they become available. Payment tokenization is the process of replacing the traditional payment card account number with a unique digital token in online and mobile transactions. Visa Token Service provides financial institutions, merchants and value-added partners with a consolidated payment platform. A Prepaid Digital Token is a 14-digit alpha-numeric code.
What are the benefits of payment tokenization to different stakeholders? By 2018, the volume of in-store mobile payments is expected to hit $189 billion. All you need to know about Tokens can also help prevent fraud in e-commerce and m-commerce transactions by removing sensitive card account information from the payment process. Visa Token Service can help you build and maintain your digital payment experiences while protecting consumers’ sensitive information from fraud. Visa’s Digital Enablement Program provides streamlined access to Visa Token Service. When you click the link or enter a valid Token, you can choose from various prepaid card products approved for the program. A token can be used for multiple purchases, and can be restricted in how it is used with a specific merchant, device, transaction or category of transactions. With the account issuer’s approval, Visa replaces the consumer’s PAN with the token. Follow a complete roadmap to the solutions, trust, and scale you need to develop and deliver secure payment options to your customers.Digital innovations are changing the way consumers pay and store account information.
Grow your business with Visa’s expertise in payment technology The new partners will help Visa protect millions of additional digital payments from fraudsters and reduce friction for merchants and consumers Visa Inc. (NYSE:V) today announced that 28 new partners will be joining Visa Token Service as credential-on-file (COF) token requestors. What is required of Visa clients regarding the tokenization standard? Give customers a choice by developing payment solutions for mobile payment apps, point of sale processing, funds transfer, checkout and more.The Visa Ready Program supports a trusted, certified network of innovative partners and provides them the resources needed to accelerate adoption of leading-edge mobile payment solutions around the world. These mandatory modifications were part of the April 2014 VisaNet Business Enhancement Release and were aimed at ensuring all VisaNet endpoints - U.S. acquirer processors, acquirers, merchants, issuer processors, and issuers that are directly connected to Visa - are keeping pace with industry developments in digital payments.
A unifying platform for mobile and digital payments. This is a global initiative and the service is based on a proposed global standard. Visa participated in the development of a cross-industry standard which provides a globally consistent approach to payment tokens. They can set token variables including transaction thresholds, time limits and identify authorized token requestors. Tap into a new breed of merchants who represent a rapidly growing opportunity in mPOS.Contactless payments allow you to simply tap to pay.Use our payment technology expertise to grow your business.Why are payment tokens important to the payments community? Get the tools to deliver empowering digital experiences. With a complete set of token management tools, interfaces and risk controls, Visa Token Service secures mobile and digital transactions on connected devices.By 2018, in-store mobile payments could grow by 42 times.¹ The Visa Digital Enablement Program is our commercial framework for mobile payments, providing Visa’s clients with streamlined access to the Visa Token Service and connecting issuers to current and future wallet providers, such as Google Pay and Samsung Pay.By 2018, eCommerce and mCommerce sales are projected to reach over $620B.² Visa Checkout enhances payment acceptance online by giving shoppers the convenience of storing payment information behind a single log in – that means they can pay without entering their shipping and account information every time.Programs that assist in the development of innovative payment solutions. The tokenization process happens in the background in a way that is invisible to the consumer. Provisioning mobile and digital payments through the use of tokens minimizes the risk of fraudulent use of data if the device or account is compromised. As more consumers make purchases using a mobile device, the payments industry must deliver a safe and simple purchase experience no matter the location or device.Visa Token Service comprises three turnkey parts: token management services, Visa Token Vault and Visa Risk Manager.Store tokens and their domain restrictions in a secure digital vault, and links tokens to a cardholder’s PAN for payment processing. The token allows payments to be processed without exposing actual account details that could potentially be compromised. Visa Token Service is based on the EMVCo payment tokenization standard and aligns with EMV technology—the global requirement for secure payments that also protects businesses from fraud liability.