Visa launches tokenization to help reduce fraud, friction in online transactions

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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