The number of Visa tokens worldwide grew twofold in a year, reaching 4 billion tokens in circulation and surpassing the quantity of Visa bank cards for the first time
Visa Token Service Reached Important Milestone. Source: flickr.com
Visa announced that it had issued over 4 billion tokens globally through its Visa Token Service. The number nearly doubled from 12 months ago, surpassing the physical Visa cards in circulation for the first time.
In addition, more than 8,600 issuers and 800,000 merchants are now using the service worldwide. That led to a 28% reduction in fraud rates and a 3% increase in approval rates. Therefore, the tokenisation mechanism both increases sales and saves money on fraud-related expenses.
The growth rates are rising rapidly. Thus, the first-billion token milestone was reached in June 2020. Increased adoption stems from e-commerce volume growth which fostered increased consumer expectations and demand for simple and safe transactions. Tokenisation comes in handy since replacing sensitive data with tokens makes digital payments more secure and personalised.?
Visa executive vice president
SEE MORE:
Visa beats earnings expectations: shows the resilience of spending volumes
Nina Bobro
Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.
