- Visa has issued more than 4 billion network tokens globally
- The VTS platform serves as the foundation for global tokenization
- VTS exceeds the number of physical Visa cards in circulation worldwide
Visa has issued more than 4 billion network tokens globally via Visa Token Service (VTS), marking a significant milestone in the company’s proprietary offering to help secure digital payments and accelerate ecommerce innovation and acceptance. This historic achievement, which nearly doubled Visa’s token count in a single year, exceeds the number of physical Visa cards in circulation worldwide. Success of VTS can be related to the fact that it offers strong security to merchants, issuers, and consumers alike.
The VTS platform serves as the foundation for global tokenization. Every day, VTS enables richer, more secure digital payment experiences for millions of customers by replacing Visa card numbers with tokens. Visa is leading the token transformation through VTS by contributing to and implementing industry standards around the world.
Tokenization is a simple, yet powerful concept pioneered by Visa, according to Jack Forestell, executive vice president and chief product officer. To stay ahead of fraudsters and make digital payments more secure, he said, tokenisation conceals and devalues sensitive payment data.
Mr Forestell emphasised that the increased use of Visa tokens by issuers, acquirers, merchants, and consumers demonstrates that the future of money is truly digital, and that digital money must be built on trust.
Since the outbreak of the pandemic, the volume of e-commerce has increased by more than 50%. However, the ease of online shopping raises consumer expectations and demand for simple and secure transactions. Through Visa Token Service, which replaces 16-digit Visa account numbers with a digital token that only Visa can unlock, Visa is innovating ahead of consumer demand. Tokenization contributes to the protection of underlying account information from fraudsters and bad actors.