Visa has deployed a new security technology, called the Visa Token Service (VTS), to prevent exposure of consumer account information in online and mobile payments.
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VTS will replace sensitive payment account information found on plastic cards, such as the 16-digit account number, expiration date and security code, with a unique series of numbers that will authorize payment without exposing actual account details.
VTS, which was launched in September 2014 enabling payments on select Apple devices using Visa accounts through the Apple Pay, will expand to more payment environments, helping merchants, financial institutions and mobile device manufacturers across Asia Pacific, Latin America and the US in 2015.
Visa CEO Charlie Scharf said: "Removing card account numbers from the processing and storage of payments represents one of the most innovative and promising technologies we’ve seen in decades.
"This, combined with chip card technology, advances in account holder authentication through analytics and biometrics, and more sophisticated risk monitoring, will allow Visa account holders to enjoy new, secure payment experiences."
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By GlobalData
