Visa tokens exceed physical Visa cards in circulation
Visa (NYSE:V) announces that the company has now issued more than 4 billion network tokens worldwide through Visa Token Service (VTS), marking a major milestone in its proprietary offering to help secure digital payments and further accelerate ecommerce innovation and acceptance.
This historic milestone, which nearly doubled Visa’s token count in one year, surpasses the number of physical Visa cards in circulation worldwide. This milestone underscores the powerful security that tokens provide to merchants, issuers and consumers alike.
Visa analysis shows that across more than 8,600 issuers and 800,000 merchants, Visa tokens have led to a 28 percent reduction in fraud rates and a 3 percent increase in approval rates – increasing sales for merchants while saving them money on fraud-related expenses.
In an age where most of our financial lives exist in the cloud, advanced technology helps ensure customer data is protected wherever transactions take place. Authentication 2.0 – the future of consumer protection – is anchored by tokens and tools such as Visa’s Cloud Token Framework (CTF), which is designed to enhance security and increase approval rates for card-not-present transactions across multiple payment experiences and devices.
Jack Forestell, executive vice president and chief product officer at Visa, comments:
“This milestone is indicative of the continued investment Visa is making in safe, reliable and seamless transactions around the globe. Continued adoption of tokenization will help enable Visa’s mission of helping individuals, businesses and economies thrive.”