Visa Launches Token Service for Securer Online Payments

Visa Inc. today announced the launch of Visa Token Service – an  facility that  will provide secure environment to help drive innovation in online and mobile commerce.

Visa  has said that its Token  Service  replaces  sensitive  payment account  information  found  on  plastic  cards  with  a   digital account number or “token”. Because “tokens” do not carry a consumer’s payment account details, such as the 16-digit account number,  they can be safely stored by online merchants or on mobile devices to facilitate ecommerce and mobile payments.

Visa Token Service will be available to Visa issuing financial institutions globally, starting with U.S. financial institutions next month, and followed by a phased roll-out overseas beginning in 2015. The technology has been designed to support payments with mobile devices using all major mobile   platforms.

Visa Token Service Features:

  • Consumer Protection: Tokens replace the 16-digit account information found on plastic cards with a numeric substitute. This new identifier is called a digital account number and it can facilitate payment transactions without sharing sensitive personal account information.
  • Customized Usage: Tokens can be limited to specific merchants, mobile devices or types of purchases – providing another form of innovation and security
  • Convenience and Cost Effectiveness: Tokens linked to lost or stolen mobile devices can be instantly reissued without changing account numbers or reissuing plastic cards.
  • Easy Processing: Tokens are based on existing International Organization for Standardization (ISO) standards and can therefore be processed and routed by merchants, acquirers and issuers like traditional card payments.

  • Aizaz Ul Haq

    Which Bank’s debit card in Pakistan is most compatible for online transactions ? Please tell me, i want one

    • Jameel

      standard chartered

      • Aizaz Ul Haq

        what about othes. UBL, Bank Alfallah ?

        • Pakistani

          1. For IBFT – Standard Chartered, Summit Bank, Askari Bank, etc

          2. For IBAN – All

          • Aizaz Ul Haq

            Thanks . . Can u plz explain about IBFAT and IBAN ?

    • Ahsan

      Do not use any debit card for online transaction. It increases the risk of getting your account hacked.

      • So then how can we do online transations?

        • Ahmed Habib

          Use credit card.

          • Aizaz Ul Haq

            What are requirements for credit card ? Can students get it issued ??

      • Aizaz Ul Haq

        What are requirements for credit card ? Can students get it issued ?

  • Abul Hasnaen

    Please restore Pro Pakistani old design….the new is so boring

  • Umar Farooq

    Why visa debit or credit cards donot work with google play, :'(