July 12, 2019
Visa Inc. said it is implementing tokenization ahead of the fall shopping frenzy as a way to make shopping more secure and frictionless for consumers.
Visa announced in a new blogpost the rollout of Visa Token Services, which will make it easier to implement online checkout without having to re-enter long account numbers, passwords and other information. Tokenization inolves converting a 16-digit account number to a single use token, which shields the account information to a potential hacker and protects the cardholder from fraudulent use.
The company said Visa Token Service can help reduce fraud rates by 67% and boost authorization rates by 3%.
Topics: Card Brands, EMV, Mobile/Digital Wallet, Mobile Payments, Online Purchasing, Regulatory Issues, Transaction Processing
Companies: Visa
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