The need for security in card and internet transactions is key as Visa Inc. is constantly bringing up updated measures for safe payments. The company is expanding the use of new security technology which uses a unique series of numbers to replace the traditional 16 digit Visa account number, helping to prevent exposure of sensitive consumer account information in online and mobile payments.
“In 2015, Visa will offer secure payments across a wide variety of devices, platforms and apps,” said Charlie Scharf, chief executive officer, Visa Inc. “In order to enable these innovative new ways to pay, we are deploying smart technologies that help to prevent fraud, while also maintaining consumer and merchant trust in digital commerce.”
The Visa launched Visa Token Service (VTS) was launched in September, 2014, an innovative technology that replaces sensitive payment account information found on plastic cards, such as the 16-digit account number, expiration date and security code, with a unique series of numbers that can authorize payment without exposing actual account details.
Over 500 financial institutions have started to implement VTS. In 2015, the service will expand to more payment environments, helping merchants, financial institutions and mobile device manufacturers to offer secure digital payment experiences.
“Removing card account numbers from the processing and storage of payments represents one of the most innovative and promising technologies we’ve seen in decades,” said Scharf. “This, combined with chip card technology, advances in account holder authentication through analytics and biometrics, and more sophisticated risk monitoring, will allow Visa account holders to enjoy new, secure payment experiences.”
