SAN FRANCISCO--(Business Wire / Korea Newswire)--Visa today announced a significant milestone achieved by its tokenization technology, revealing that Visa tokens have generated more than $40 billion[1] in incremental ecommerce revenue for businesses globally and saved $650 million[2] in fraud in the last year. Visa also announced it has issued more than 10 billion tokens since the technology’s launch in 2014.

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, 29% of all transactions processed by Visa use tokens[3], reflecting their widespread adoption and the trust consumers place in this secure payment method.

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 60%, providing businesses with more successful transactions and offering much-needed peace of mind to consumers and merchants of all sizes[4].

“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 Amsterdam today, issued its billionth token in 2020. Due in part to the shift to digital during the pandemic, the adoption of tokens accelerated significantly in the last four years. Today, over 8,000 issuers are enabled for tokenization, with over 200 markets empowered with the technology globally. In the last 12 months, over 1.5 million eCommerce merchants transacted with Visa Tokens every day.

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 data[5], 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 Europe, and in nearly every market across the world,” said Mehret Habteab, Senior Vice President of Product and Solutions at Visa Europe, who announced the news today in Amsterdam. “As AI begins to create more personalized experiences online, we’re using our token expertise to give people more control over their payments data.”

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/

Website: http://www.visa.com View Korean version of this release Contact Visa Inc.
Meg Omecene
[email protected]
This news is a press release provided by VISA Inc.. Korea Newswire follows these editorial guidelines. VISA Inc. News ReleasesSubscribeRSS 비자, 100억 번째 토큰 발행하며 전 세계 전자상거래 400억달러 증가 창출 비자(Visa)는 자사의 토큰화 기술이 달성한 중요한 이정표를 발표했다. 비자는 비자 토큰이 전 세계 기업들에게 400억달러 이상[1]의 전자상거래 수익 증대를 창출했고, 지난해 6억5000만달러[2]의 사기 피해를 방지했다고 공개했다. 비자는 또한 2014년 기술 출시 이후 100억 개 이상의 토큰을 발행했다고 발... 6월 5일 13:45 Visa Reinvents the Card, Unveils New Products for Digital Age The way people pay and get paid has changed more in the past five years than in the last 50. Consumers have evolved, adapting to new payment experiences - from the advent of embedded, digital commerce to the rapid adoption of “the tap.” Today at the annual Visa Payments Forum in San Fra... 5월 16일 16:43 ... More  More News Finance Credit Card Technology Blockchain Earnings Overseas VISA Inc. All News Releases 