Visa is expanding its Token Service for credential-on-file (COF) token requestors, helping to increase security for consumer payments in digital channels.
Acquirer gateway and technology partners Adyen, AsiaPay, Braintree, Checkout.com, Cherri Tech, CyberSource, Elavon, Ezidebit, eWAY, Fit-Pay, Giesecke & Devrient, PayPal, Payscout, Rambus, SafeCharge, SecureCo, Square, Stripe, Worldpay and YellowPepper will now be able to tokenise COF digital payments on behalf of their merchant and payment clients.
Built on top of the EMVCo Payment Tokenisation Standard, the Visa service offers another layer of security by replacing sensitive cardholder information - such as personal account numbers and expiration dates - with a unique digital identifier, or token, that can be used for payment without exposing sensitive account information.
In addition to enhancing security, expired or compromised payment credentials can be updated in the background by the financial institution, eliminating a significant point of friction for consumers and merchants.
Merchants also get the added security protection of being shielded from data breaches that occur elsewhere in the ecosystem, since the Visa card number is replaced with a token unique to the merchant or gateway acquirer partner.
“This opens up a world of possibilities for our merchants and partners to further evolve and innovate in digital payments,” said Ansar Ansari, senior vice president for digital payment products at Visa.
Since the launch of the Visa Token Service in 2014, Visa has added over 60 global token requestors, including mobile and wearable manufactures, issuer wallets, online merchants, payment service providers and acquirers.
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