Visa Token Service Participation Set to Reach $1 Trillion

Visa Token Service Participation Set to Reach $1 Trillion

Digital payments giant Visa has announced that participants in its Visa Token Service are set to reach an estimated $1 trillion in combined eCommerce transactions since the service was first introduced in late 2014.

The Visa Token Service was launched as a way to replace a user’s sensitive account information with a unique digital identifier — known as a token — so that payments can be made without revealing any actual account details.

“At Visa, one of our primary goals has always been to create the best customer experience possible. As digital transaction volume grows, there has never been more urgency to build increased confidence in the seamlessness and security of online shopping,” says Jack Forestell, Chief Product Officer, Visa. “This is why Visa is committed to the success of the click to pay experience and the added level of security that tokens bring to electronic payments.”

Visa also announced that its Visa Checkout service is set to transition later this month to a click-to-pay model, in what will be a service similar to those offered by other payment companies like PayPal and Mastercard’s MasterPass. Users can choose this method of payment when they see a click-to-pay button and won’t be required to enter any other account information to complete their transaction.

According to Visa, advanced authentication methods including device binding and biometrics are used to protect user’s transactions when using click-to-pay.

Visa said that its simplified online checkout service will replace Visa Checkout with a rollout beginning in the U.S. at the end of this month, and expanding to other markets around the world through the end of 2020.