Company announces new deployments of Visa Token Service to protect
consumer account information
FOSTER CITY, Calif.--(BUSINESS WIRE)--Feb. 13, 2015--
Visa Inc. (NYSE:V), the global leader in payments, today announced that
it is expanding the use of new security technology that replaces the
traditional 16-digit Visa account number with a unique series of
numbers, helping to prevent exposure of sensitive consumer account
information in online and mobile payments.
“In 2015, Visa will offer secure payments across a wide variety of
devices, platforms and apps,” said Charlie Scharf, chief executive
officer, Visa Inc. “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.”
In September 2014, Visa launched Visa Token Service (VTS), an innovative
technology that replaces sensitive payment account information found on
plastic cards, such as the 16-digit account number, expiration date and
security code, with a unique series of numbers that can authorize
payment without exposing actual account details. To date, more than 500
financial institutions have started to implement VTS. In 2015, the
service will expand to more payment environments, helping merchants,
financial institutions and mobile device manufacturers to offer secure
digital payment experiences.
Mobile Devices and Platforms
Visa Token Service made its commercial debut in October 2014, enabling
mobile payments on select Apple devices using Visa accounts through
the Apple Pay service.
In 2015 other leading device manufacturers and technology companies
will begin deploying Visa Token Service 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.
Mobile Payment Applications
Visa also plans to tokenize transactions initiated online with Visa
Checkout, Visa’s online payment service that allows consumers to
complete eCommerce purchases in just a few clicks.
More than 110 merchants globally, including Gap, Gymboree, Neiman
Marcus, Orbitz, Pizza Hut and Staples, who have already deployed Visa
Checkout, will have the opportunity to benefit from safer transactions
using Visa’s token technology.
In 2015 financial institutions globally across Asia Pacific, Latin
America and the U.S. will also begin deploying Visa Token Service in
support of their mobile payment applications and services.
Visa is also helping to improve the safety of eCommerce by eliminating
the need for online retailers to store payment account information in
order to easily fulfill eCommerce purchases. In 2015, Visa expects
some of the largest eCommerce merchants to deploy Visa Token Service,
using tokens to process consumer eCommerce purchases rather than
actual payment account information.
“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,” said Scharf. “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.”
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.
Elvira Swanson, +1