September 15th, 2014 by Elma Jane
Visa has taken advantage of the hoopla surrounding Apple’s application of digital account tokens to replace card numbers for online and mobile purchasing by initiating the roll out of its Token Service to US clients.
Visa Tokens will be made available to issuing financial institutions globally, starting with US banks next month, and followed by a phased roll-out overseas beginning in 2015. The technology has been designed to support payments with mobile devices using all major mobile platforms.
More than 750 staff from across the Visa organisation globally were involved in the effort, working closely with initial launch partners – financial institutions, merchants and processors to ensure the ecosystem was ready. Today, Visa is making these services available and believe it will help transform connected devices and wearables into secure payment vehicles.
Visa Token Service replaces sensitive payment account information found on plastic cards with a digital account number or token. Because tokens do not carry a consumer’s payment account details, such as the 16-digit account number, they can be safely stored by online merchants or on mobile devices to for e-commerce and mobile payments.
The release of the service has been given added urgency by a spate of successful hacks on merchant card data stores, such as the recent plundering of card account data at Home Depot and Target.
MasterCard has its own equivalent Digital Enablement Service, which will be released outside of the US in 2015.
Posted in Best Practices for Merchants, Credit Card Security, e-commerce & m-commerce, Mobile Payments, Visa MasterCard American Express Tagged with: account details, card, card account data, card data, data, digital account, digital account number, e-commerce, financial institutions, MasterCard, merchant card data, Merchant's, mobile, Mobile Devices, Mobile Payments, mobile platforms, online merchants, payments, processors, Token Service, tokens, visa, Visa organisation, Visa Token Service, wearables
