Visa Inc, one of the world’s largest payment providers has recently announced the expansion of its newly created Visa Token Service for its credential-on-file (COF) token requestors. The official announcement was made ob the 18th of October. This news marks a major milestone towards the further securing of consumer payments over a digital channel.
As a part of this new project announcement, acquirer gateway and tech partners such as Adyen, AsiaPay, Braintree, Checkout.com, Cherri Tech, CyberSource, Elavon, Exidebit, eWay, Fit-Pay, Giesecke & Devrient, PayPal, Payscout, Rambus, SafeCharge, SecureCo, Square, Stripe, WorldPay, and YellowPepper are already, or will soon be able to tokenise credential-on-file digital payments on behalf of merchant and payment clients.
Working with the EMVCo Payment Tokenisation Standard, the Visa Token Service offers customers additional security by removing the need to use personal account numbers and expiration dates and introducing a unique digital identifier (token) instead. This token can then be used for payment without the need to expose the cardholders personal or sensitive information. In addition to greatly improving security, any expired or leaked credentials can be easily introduced into the background by the financial institution in question.
Merchants can also enjoy extra protection from data breaches that can occur elsewhere in the ecosystem because the Visa card number can be replaced by a token that is unique to the gateway partner, or merchant.
Ansar Ansari, SVP of Digital Payment Products at Visa said:
“Today, we welcome 20 partners into the Visa Token Service who will help scale tokenization to their thousands of merchant clients and millions of customers around the world. This opens up a world of possibilities for our merchants and partners to further evolve and innovate in digital payments. Making digital transactions even more secure is one of Visa’s biggest priorities. Working with Visa, these partners will help secure cardholder data and make digital payments safer, resulting in friction-less digital commerce experiences for consumers.”
“Adyen is excited to be the first acquirer in the payments ecosystem with in-market solutions to support and offer Visa Token Service to our global merchants,” said Kamran Zaki, president, North America, Adyen. “In addition to improving security, Visa network tokens through Adyen will allow our merchants with cards on file to reduce involuntary churn and improve authorization rates without any additional work on their part.”
A spokesperson from Worldplay, Asif Ramji said;
“Worldpay is committed to protecting the integrity of every transaction and this solution integrates well with our own security and tokenization products. By forming strong relationships with companies like Visa to bring global scale to every merchant, we ensure their ability to deliver positive customer experiences. Importantly, Worldpay merchant partners who take advantage of our implementation of the Visa Token Service do not need to wait for individual certification and approval to begin protecting their customers’ data.”