Payments giant visa Announced Money20/20 in Amsterdam The company has issued 10 billion tokens through tokenization technology.
This has helped increase e-commerce revenues by more than US$40 billion worldwide and prevented US$650 million worth of fraud in the past year.
Since its launch in 2014, Visa’s tokenization technology has made digital payments safer by replacing sensitive payment data with cryptographic keys, providing added security.
Tokenization can be built into any device, making digital payments more secure while also making them virtually useless to fraudsters.
Tokens are currently used in 29% of all Visa transactions, making the technology a trusted method for consumers around the world. Tokens also help improve payment authorization rates globally and reduce fraud rates by up to 60%.
Visa issued its 1 billionth token in 2020, following accelerated adoption of tokenization during the pandemic. The technology is now in use across more than 8,000 issuers and in more than 200 markets. Every day, more than 1.5 million e-commerce merchants transact with Visa tokens.
The company also highlighted the future potential of tokenization: In the not-too-distant future, Visa Data Tokens could enable retailers and commerce platforms to use consumer data in a way that is transparent and gives consumers control — so consumers can decide who has access to their data and when it will no longer be accessible.
Powered by AI, Visa Data Tokens allow consumers to view, consent and revoke data sharing access directly from their banking app.
Jack Forestell
“Today’s milestone represents the impact tokenization has had across the payments ecosystem since we introduced the technology 10 years ago.
Tokens have changed the game – from securing online payments and paying with a tap on your phone to enabling a future in which we have more control over our data in the AI era.”
“Visa is committed to providing the best possible customer service to our customers,” said Jack Forestell, chief product officer, Visa.
Mehret Habteab
“Over the past decade, Visa has invested in expanding its token infrastructure to make digital commerce safer and more convenient for consumers and merchants in Europe and nearly every market around the world.
As AI begins to create more personalized experiences online, we are leveraging our token expertise to give people more control over their payment data.”
Meret Habteev, senior vice president, products and solutions, Visa Europe, said:
Featured Image Credit: Free Pick
