Visa Announces Plans to Introduce Token Service as Part of Mobile Revamp

Visa Inc. announced Thursday it would launch a tokenization service in September, as part of what it calls its Visa Digital Solutions “suite of offerings.”

Visa had disclosed or announced most of the new products and services before. But taken together, the announcement Thursday represents Visa’s revamped efforts to stay relevant as more payments move to smartphones and other devices connected to the Internet, including wearables. 

Visa’s earlier mobile initiatives, including its V.me wallet and preloading Visa payWave applications on embedded chips in Samsung phones, have had little impact.