Tokenization is a technology that protects sensitive payment data by replacing it with a unique identifier, or “token”
Visa Token Service hits major digital commerce milestone. Source: flickr.com
Visa Token Service (VTS) is estimated to process a combined e-commerce volume of $1 trillion. This brings more opportunities to its efforts to make digital payments safer.
Last year, consumer spending was up 19.7% compared to 2018, with online shoppers spending a record $9.4 billion on Cyber Monday alone.
From November to December 2019, customers paid $125.6 billion online, with more than a third of that spending happening on smartphones.
By 2021, there are expected to be 2.1 billion digital buyers worldwide, up from 1.66 billion in 2016. At the same time, 69% of US consumers store a card-on-file or have a recurring billing set up with their most trusted retailers. Users, who don’t store a card, can pay with their Visa card wherever they see Visa is accepted.
With the expansion of the Visa, merchants will be able to offer an easy, smart and secure experience to consumers.
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