Visa has announced the introduction of token technology to Visa Checkout, the online service that allows customers to store shipping and payment information without having to re-enter their information.
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. More than seven million users have Visa Checkout accounts since it was launched in 2014 and more than 250,000 large and small merchants and over 470 financial institution partners now offer Visa Checkout globally.
Not only will the token service be used on new transactions, Visa plans to help merchants integrate the new service with “cards-on-file.” These are the card account numbers that merchants store in their systems to use for monthly subscriptions or billing services.
Visa said the token technology used for mobile payments and Visa Checkout, along with their transition to EMV chip technology and biometrics, are a part of their broader efforts to ensure safe transactions for card holders.
“Our goal is always to make payments fast, easy and secure,” said Sam Shrauger, Visa’s senior vice president of digital solutions. “This has been a transformative year for payment security with new technologies that bring added protection to consumer accounts while shopping in-store and in-app, and now online, too.”