In the midst of the digital era, keeping our personal data secure is something we simply cannot overlook. As we conduct most of our finances online, as we do with everything from monthly bills to everyday shopping, we need to make sure that we’re not accidentally putting ourselves at risk for financial fraud. Visa has been developing their token service (VTS) for this very purpose, and recently, they’ve welcomed 20 more companies to implement the newest security measure within their platforms.
Visa Token Service functions as an safety barrier for payment gateways which replaces sensitive cardholder data with digital identifiers, called tokens. Information such as account numbers, card numbers, or card expiration dates can be hidden under an unique string of numbers generated for retailers or payment platforms in order to strengthen security against data breaches. The uniquely generated tokens can be used for any online payment which supports the system, and enables buyers to complete the transactions without ever revealing their payment data to the retailer.
Apart from the increased security, the technology can also prove convenient in case the account data changes, expires, or gets into the wrong hands before the transaction gets completed. In this case, the customer’s bank can easily update the token with up-to-date data. Visa’s developers argue that the method will ensure a truly hassle-free experience for both the consumers and the retailers.
In case the technology sounds like something you could use in our finances, good news! Visa has just accepted 20 new partners into their closed systems. Financial giants such as PayPal, Stripe, Square, Checkout.com, Adyen, and Fit-Pay will soon implement the VTS service within their systems for all Credential-on-File transactions.
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 frictionless digital commerce experiences for consumers.. – said Ansar Ansari, senior vice president, digital payment products, Visa.
For more information about Visa Token Service, as well as the full list of companies currently supporting the technology, feel free to check out Visa’s website.