The world’s largest electronic payments provider Visa has announced that the brand new blockchain-based service Visa Token Service (VTS) could facilitate e-commerce transaction volume worth one trillion US dollars ($1 trillion).
The VTS is slated for release in the US later this month. What’s unique is that it combines the best of digital and mobile payments technology and addresses issues concerning privacy and security in transactions. Essentially, it will be a simplified online checkout version, replacing the older Visa Checkout version, concealing the confidential account information to offer users simplicity and security both at the same time.
Come 21st January 2020, and the US customers will transition to a new and improved online shopping experience using card payments across all web services such as mobile apps, websites, etc.
For merchants accepting Visa payments, the US-based users will be able to view the “Click to Pay” option, which, when enabled, will not request any confidential account information, including the sixteen-digit account number and one time passwords. Instead, it will verify information using a unique digital code called a token, generated automatically in real-time.
Users can rest assured that the sites featuring the “Click to Pay” option will be utilizing the newest technologies for authentication, such as device binding and biometrics, in order to secure transactions. Put simply, the tokenization of sensitive information eliminates the need to share account information with third-party firms or retailers.
Commenting on the big release, Jack Forestell, the Chief Product Officer at Visa, remarked excitedly that Visa is known to deliver the best possible consumer experience. With digital transaction volume set for a massive surge in the future, factors like efficiency and security have never been more critical. With the launch new Visa Token Service powered by blockchain, we, at Visa, are committed to meeting these expectations.
Although the service will only serve the US market as of now, it is aiming to expand to other countries by the end of 2020.
Featured Image by Pixabay
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