Visa Issues 10 Billionth Token, Generating $40 Billion in Incremental E-commerce Globally
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Tokenized payments have saved
in fraud in the last year.$650 million - Recently unveiled Visa data tokens will give consumers more control over their data and deliver seamless AI-powered shopping experiences.
Over the last 10 years, Visa has further enhanced security across the payment ecosystem through tokenization – a technology that replaces sensitive personal data with a cryptographic key that conceals sensitive payment data. Tokenization can be embedded into any device, making digital payments more secure while being virtually useless to scammers.
Currently,
Tokenization technology has also caused a six-basis point increase in payment approval rates globally. Overall, tokenization can reduce the rate of fraud by up to
“Today’s milestone represents the impact that tokenization has had on the entire payments ecosystem since we introduced the technology 10 years ago,” said Jack Forestell, Chief Product Officer at Visa. “Tokens have changed the game – securing online payments and paving the way for more innovations – from tapping to pay on a phone to enabling a future where we have more control over our data in the age of AI.”
Visa, which announced the milestone live onstage at Money20/20 in
The future of tokens: Transforming the consumer experience
A recent Visa survey revealed that less than one third of consumers globally feel in control of their data5, and only slightly more than one third fully understand how their data is used. However, tokenization can unlock a whole new era of personalization and security—one where consumers control their data and approve when and where it can be shared for a more personalized experience.
In the not-too-distant future, Visa data tokens could help merchants and commerce platforms use your data in a way that is both transparent and gives you control—meaning you decide who gets access to your data (and when they no longer do) as well as how your data will be used. Powered by AI, Visa data tokens let consumers view, consent to and revoke data sharing access, right from their banking app.
“Over the last 10 years, Visa has invested in scaling its token infrastructure to power safer and more convenient digital commerce for consumers and merchants here in
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
1 VisaNet CY2023 credit and debit global card-not-present (CNP) payment volume for tokenized and non-tokenized credentials
2 Risk Datamart CY2023, Visa Processed global card-not-present (CNP) payment volume for tokenized vs non-tokenized credentials.
3 Visanet, Visa processed transactions as of April 2024
4 Visanet, Visa processed transactions as of April 2024
5 Visa Consumer Empowerment Research, 2023
View source version on businesswire.com: https://www.businesswire.com/news/home/20240604543361/en/
Meg Omecene
momecene@visa.com
Source: Visa Inc.