As demand for Visa Tokens Services surges, the tokes surpass physical cards in circulation

Steffy Bogdanova
August 25, 2022 11:36 am

Visa today announced that it has issued over 4 billion network tokens around the globe through Visa Token Service (VTS). The number nearly doubled in one year, surpassing the number of physical Visa cards in circulation worldwide.

Jack Forestell, executive vice president and chief product officer at Visa, said:

Tokenization is a simple, yet powerful concept pioneered by Visa: conceal and devalue sensitive payment data to stay ahead of fraudsters and make digital payments more secure. The uptick in issuers, acquirers, merchants and consumers all transacting with Visa tokens, reinforces that the future of money is truly digital, and digital money must be built on trust.

Visa

According to the official announcement, E-commerce volume has increased by over 50% since the beginning of the pandemic. With that growth come customer requirements for safety. The Visa Token Service replaces the 16-digit Visa account numbers with a digital token only Visa can unlock, helping to protect the underlying account information.

Forestell added:

This milestone is indicative of the continued investment Visa is making in safe, reliable and seamless transactions around the globe. Continued adoption of tokenization will help enable Visa’s mission of helping individuals, businesses and economies thrive.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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