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|Visa Brings Token Security to eCommerce|
Token Technology Comes to Visa Checkout and Cards-on-File
Visa Token Service is a technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing actual card account details.
Additionally, Visa is working with merchants to apply token technology to “cards-on-file.” These are customer card account numbers that merchants store in their systems to facilitate repeat payments such as monthly subscriptions or billing services.
Today’s announcement, coupled with the transition to EMV® chip technology, the tokenization of mobile payment services, biometrics, and improvements in fraud detection analytics, are all helping to advance payment security for Visa account holders. By working with merchants to integrate tokens into Visa Checkout and tokenize card-on-file accounts, Visa will be paving the wave for its security technology to extend to virtually every type of consumer payment experience – in-store, on-line and in-app.
“Our goal is always to make payments fast, easy and secure,” said
Visa Checkout issuers and merchants are supportive of the integration, and expressed interest in working with Visa to make tokens available to their e-commerce customers.
"We’re pleased that Visa has added tokenization to Visa Checkout in an
effort to keep the payment details of more Visa cardholders safe with
advanced security technology,” said
“Our highest priority is the security of our customers’ transactions,
whether they are paying online or in a physical store,” said
“We are pleased to work with Visa to integrate token technology into
Visa Checkout,” said
“Our top priority in all aspects of our customer relationships is
security, which is why we are working with Visa to extend its token
service to the fast growing eCommerce and mCommerce world,” said
Visa Checkout is an online service from Visa that allows consumers to securely store their shipping and payment information without ever having to re-enter the information when shopping online. With Visa Checkout, consumers can simply enter their username and password, click a button, and complete the purchase.
Since its launch in 2014, more than seven million users have signed up
for Visa Checkout accounts. More than 250,000 large and small merchants
and over 470 financial institution partners now offer Visa Checkout
globally. These represent some of the biggest retailers on the internet,
Visa Checkout is available in 16 countries around the world. These