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December 28, 2016

Visa launches token service in Georgia for secured mobile payments

Visa has introduced its Visa Token Service in Georgia, a new technology that creates secure environment to help speed up innovation in ecommerce and mobile payments.

By Verdict Staff

Visa has introduced its Visa Token Service in Georgia, a new technology that creates secure environment to help speed up innovation in ecommerce and mobile payments.

The first in Georgia Visa Token Service programme has been rolled out in collaboration with the Bank of Georgia.

Instead of using sensitive payment account information printed on plastic cards, the new token service leverages a digital account number or ‘token’ that safeguards the integrity of the Visa payment transaction.

Further, the tokens do not share a consumer’s payment account details, including the 16-digit account number, and can be safely stored by online merchants or on mobile devices to provide ecommerce and mobile payments.

The new service, available for Visa cardholders, is compatible with NFC-enabled mobile devices, running on the Android operating system (version 4.4 or later).

Visa said that the tokens are easy to be processed and routed by merchants, acquirers and issuers similar to traditional card payments, as they are based on existing International Organization for Standardization (ISO) standards.

Visa country manager for Ukraine, Georgia and Armenia Dmytro Krepak said: “Consumers are getting more and more connected and this rise in digital connections impacts all aspects of the modern life, payments are not an exception.

“Increased connectivity in many ways transforming consumers’ commerce experience and offers them many options to transact, both offline and online.

“With Visa Token Service consumers can shop anywhere, on any device, with confidence. In Georgia where each fourth Visa card is issued with contactless functionality and each second Visa transaction goes contactless, we expect a fast adoption of Visa Token Service.”

  1. News
  2. Company news
December 28, 2016updated 04 Apr 2017 3:56pm

Visa launches token service in Georgia for secured mobile payments

Visa has introduced its Visa Token Service in Georgia, a new technology that creates secure environment to help speed up innovation in ecommerce and mobile payments.

By Verdict Staff

Visa has introduced its Visa Token Service in Georgia, a new technology that creates secure environment to help speed up innovation in ecommerce and mobile payments.

The first in Georgia Visa Token Service programme has been rolled out in collaboration with the Bank of Georgia.

Instead of using sensitive payment account information printed on plastic cards, the new token service leverages a digital account number or ‘token’ that safeguards the integrity of the Visa payment transaction.

Further, the tokens do not share a consumer’s payment account details, including the 16-digit account number, and can be safely stored by online merchants or on mobile devices to provide ecommerce and mobile payments.

The new service, available for Visa cardholders, is compatible with NFC-enabled mobile devices, running on the Android operating system (version 4.4 or later).

Visa said that the tokens are easy to be processed and routed by merchants, acquirers and issuers similar to traditional card payments, as they are based on existing International Organization for Standardization (ISO) standards.

Visa country manager for Ukraine, Georgia and Armenia Dmytro Krepak said: “Consumers are getting more and more connected and this rise in digital connections impacts all aspects of the modern life, payments are not an exception.

“Increased connectivity in many ways transforming consumers’ commerce experience and offers them many options to transact, both offline and online.

“With Visa Token Service consumers can shop anywhere, on any device, with confidence. In Georgia where each fourth Visa card is issued with contactless functionality and each second Visa transaction goes contactless, we expect a fast adoption of Visa Token Service.”

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