New Visa Token Service facilitates secure consumer payments with new
Service to be available to all U.S. financial institutions starting
in the fourth quarter of 2014
FOSTER CITY, Calif.--(BUSINESS WIRE)--Sep. 9, 2014--
Visa Inc. (NYSE:V), the global leader in payments, today announced
it is supporting consumer payments with the new iPhone 6, iPhone 6 Plus
and Apple Watch. Thanks to a new capability called Visa Token Service,
participating financial institutions in the U.S., and eventually abroad,
will be able to add Visa debit and credit cards to Apple Pay, Apple’s
new payment service, and enable their customers to make easy and secure
purchases at select U.S. merchants both in stores and in apps.
Visa Token Service technology works by replacing sensitive payment
account information found on plastic cards with a digital account number
or “token” that can be safely stored on mobile devices and used for in
store and in app purchases. Visa will roll out the service to financial
institutions in phases -- initially supporting early participants in the
Apple Pay launch, and then extending the service availability to all of
its U.S. clients.
“Combining the trust, scale and security of Visa payments with Apple Pay
will accelerate adoption of mobile payments,” said Charlie Scharf, Chief
Executive Officer, Visa Inc. “We said from the beginning that token
services would provide great new consumer and merchant experiences, and
you’re seeing it today in our efforts with Apple, and there’s more to
Apple Pay lets you make purchases in some of the most highly visited
stores and within apps on the App Store with just the touch of a finger,
using the new iPhone 6, iPhone 6 Plus and Apple Watch. Visa account
holders will continue to receive all of the rewards, benefits and
security offered by Visa credit and debit cards.
By enabling Visa account holders to also make purchases in store and in
app with their new iPhone 6, iPhone 6 Plus and Apple Watch, consumers
will now have a seamless experience with their preferred form of payment.
“The combination of new digital experiences from Apple with new network
capabilities from Visa provides for great payment experiences and
enhanced security for millions of Visa account holders, merchants
and financial institutions,” said Scharf.
CyberSource and Authorize.Net, two Visa-owned payment platforms, have
also integrated with Apple Pay, providing online merchants with payment
management solutions and supporting them to securely accept in app
payments from the iPhone 6, iPhone 6 Plus and Apple Watch.
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,
Source: Visa Inc.
Caroline Capers, +1
Standish, +1 415-770-3027 (mobile)
Suiter, +1 415-730-6521 (mobile)