As more consumers make purchases using a mobile device, the payments industry must deliver a safe and simple purchase experience no matter the location or device.Visa Token Service comprises three turnkey parts: token management services, Visa Token Vault and Visa Risk Manager.Store tokens and their domain restrictions in a secure digital vault, and links tokens to a cardholder’s PAN for payment processing. Digital payment innovation is growing and so is the need for more security. A unifying platform for mobile and digital payments. The new partners will help Visa protect millions of additional digital payments from fraudsters and reduce friction for merchants and consumers Visa Inc. (NYSE:V) today announced that 28 new partners will be joining Visa Token Service as credential-on-file (COF) token requestors. A token can be used for multiple purchases, and can be restricted in how it is used with a specific merchant, device, transaction or category of transactions. Finally, merchants and digital payment providers can store payment tokens in place of payment account numbers, this further enhances payment security. It can also support issuance of multiple tokens for a single account, each tied to a specific mobile device or service. The development of a global standard will help enable a new generation of payment products, while maintaining compatibility with the existing payments infrastructure. What is required of Visa clients regarding the tokenization standard? As more consumers make purchases online with smart phones, tablets and PCs, the payments industry is focused on delivering a safe, secure, simple and consistent consumer purchasing experience, regardless of where they are and what device they are using. The token allows payments to be processed without exposing actual account details that could potentially be compromised. Visa Token Service for card-not-present transactions: Visa Token Service offers another layer of security by replacing sensitive cardholder information, such as personal account numbers, with a unique digital identifier (a “token”) that can be used for payment without exposing a cardholder’s more sensitive account information. Issuers can start offering a wide variety of digital payment options—including Android Pay and Samsung Pay—as they become available.Connect quickly and easily with no need for multiple technology integrations.Drive growth through a simple, scalable plan with no pass-through fees.Receive a powerful combination of security and consumer data protections. This is a global initiative and the service is based on a proposed global standard. Visa Token Service is based on the EMVCo payment tokenization standard and aligns with EMV technology—the global requirement for secure payments that also protects businesses from fraud liability. “We believe that digital currencies have the potential to extend the value of digital payments to […] They can set token variables including transaction thresholds, time limits and identify authorized token requestors. Depending on the use case, Visa may share the token request with the issuing bank. The service will align with the requirements outlined in the EMVCo specification. Payment tokens can also include additional data fields to provide richer information about the transaction helping to improve transaction efficiency and security, and provide more information about the circumstances under which the transaction was initiated. Visa helps financial institutions, merchants and developers build and implement solutions meeting Visa’s requirements for mobile payments—with technologies such as Visa Token Service, an innovative Visa technology that was first introduced last fall and secures payments with a broad range of connected devices. The digital payment service provider requests a payment token from Visa for the enrolled account. EMVCo published the initial version of the specification in March 2014. Making purchases on mobile devices as simple, convenient and secure as swiping a plastic card. Merchants will also have a powerful tool that will allow them to develop innovative retail experiences without the burden of handling this sensitive payment account data.Tokens help to simplify the purchasing experience for consumers by largely eliminating the need to enter and re-enter the account number when shopping on a smart phone, tablet or PC. Visa is accelerating the adoption of secure, digital payments by allowing third party partners to provide access to Visa Token Service (VTS). Being the world’s largest payment network, Visa can provide immediate access to new and innovative digital payment platforms.

Tokens can also help prevent fraud in e-commerce and m-commerce transactions by removing sensitive card account information from the payment process. Provisioning mobile and digital payments through the use of tokens minimizes the risk of fraudulent use of data if the device or account is compromised. A Technical Letter issued in October 2013 included specifications for U.S. VisaNet endpoints to enable the minimum data fields. Visa Digital Solutions equip you with the tools you need to create, manage and accept secure digital payments in-store, online or in-app. In October 2013, Visa, MasterCard and American Express proposed a new standard for digital payments. Visa provides a complete set of digital solutions to empower you to upgrade your operations to accept chip cards, NFC payments, and Visa payWave.

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