Visa Inc. has announced the launch of Visa Token Service – a technology that replaces account information on plastic cards with a digital account number called “token”. The company says “tokens” do not carry a consumer’s payment account details, online merchants and mobile devices can safely store them.
The service will start with U.S. financial institutions next month, and technology has been designed to support payments with mobile devices using all major mobile platforms.
Key benefits of Visa Token Service include: consumer protection, customized usage, Convenience and Cost Effectiveness and easy processing.
“Over the past year, Visa has led the global payments industry in the development of new payments standards and services designed to protect consumers’ account information when shopping online and with mobile devices,” said Ryan McInerney, President, Visa Inc. “More than 750 staff from across the Visa organization globally were involved in the effort, working closely with our initial launch partners – financial institutions, merchants and processors – to ensure the ecosystem was ready. Today, we are making these services available to our clients, and believe it will help transform connected devices and wearables into secure payment vehicles.”
Earlier this month, Apple announced that, it is partnering with Payment service providers Visa Inc., MasterCard Inc. and American Express Co., with its plans to turn its new iPhone into mobile wallet. In June this year, Twitter has added a new video-sharing feature on mobile with two of the World Cup advertisers, Visa and Adidas.
To read the full story, check here.