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Visa achieves over one billion tokens in Asia-Pacific; enhancing digital payment security

Visa

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TL;DR

  • Visa’s Token Service (VST) surpasses one billion tokens in Asia-Pacific, marking a significant milestone in digital payment security and efficiency.
  • VST replaces traditional 16-digit card numbers with secure tokens, enhancing privacy for consumers using digital wallets like Google Pay and Apple Pay.

Visa announced that its Visa Token Service (VST) has issued over one billion tokens in the Asia-Pacific region as of March 26, marking a notable advancement in digital payment security and efficiency. VST, introduced in 2014, is designed to safeguard consumer information during digital transactions by replacing traditional 16-digit credit and debit card numbers with secure tokens. This system enhances privacy and reduces the risk of financial data exposure.

The service operates through VisaNet, Visa’s own network capable of processing more than 56,000 transaction messages per second, highlighting the company’s ability to support a high volume of transactions seamlessly. Visa’s move towards tokenization reflects a growing trend in digital payments, catering to the increasing consumer preference for secure and convenient payment methods.

Visa’s study indicates a shift towards non-cash payments among travelers to the Asia-Pacific region, with 97% of respondents in 2023 preferring digital over cash transactions. This trend is partly attributed to the convenience and reduced friction of using digital payments, including tokenized services, for international travel and cross-border payments.

VST’s impact extends beyond consumer convenience, with Visa highlighting the system’s role in driving the future of commerce. The service aims to facilitate more personalized shopping experiences by leveraging secure, tokenized payment credentials. Visa encourages merchants in the Asia-Pacific region to adopt tokenized payments, citing the potential for improved security and customer satisfaction, as well as positive effects on business revenue and profitability.

This announcement from Visa underscores the continued growth and adoption of digital payment solutions, particularly tokenized services, in the Asia-Pacific market. Visa’s commitment to enhancing payment security and efficiency through VST is evident as the company works with partners to expand the technology’s capabilities and applications.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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