During the Money2020 conference in Las Vegas, Visa has announced that it has integrated token technology into Visa Checkout, its e-commerce service used by merchants and consumers globally to make easy payments.
Making payments secure
Instead of inputting your credit or debit card information when making an online purchase, you’ll receive ‘‘a unique digital identifier that can be used to process payments without exposing actual card account details.’’
Visa is also going one step further by working with merchants to ensure that ‘cards-on-file’ will be tokenized in the near future. This is where merchants store customer account numbers onto their systems in order to facilitate repeat payments, such as subscriptions.
Since its launch in 2014, more than seven million users have signed up for Visa Checkout accounts. More than 250,000 large and small merchants and over 470 financial institution partners now offer Visa Checkout globally.
‘Transformative year for payment security’
Recently Payment Eye reported that Brazil has become the latest country to accept Visa Checkout, becoming the fifth South American country to use the service.
“Our goal is always to make payments fast, easy and secure,” said Sam Shrauger, Visa’s senior vice president of digital solutions.
‘‘This has been a transformative year for payment security with new technologies that bring added protection to consumer accounts while shopping in-store and in-app, and now online, too,” continued the SVP.
Visa isn’t the only company to integrate tokenized security recently. Eftpos Australia has selected cloud-based mobile transaction firm Bell ID to provide them with a tokenization platform which will reduce the number of payment security breaches.
The new feature appears closer to being fully functional than previous rumours had suggested.
With the new £5 polymer note now fully rolled-out, it is now time to think about the new £10 note that will follow it. Paul Ferris, Product Manager at Wincor Nixdorf UK/I, gives his advice on how to make sure you are prepared for the deadline.
A Juniper Research report is predicting a 32% increase in mWallet payments in the next 12 months.
Google has changed its hands free payments approach after ditching voice recognition payments tech earlier this week.