Visa Token Service (VTS) Surpass Credit Cards in Circulation
(29 August 2022 – Global) Sustained online sales growth has resulted in Visa issuing over four billion network tokens globally through its security technology Visa Token Service (VTS) surpassing the total number of Visa’s physical cards in circulation.
VTS replaces 16-digit Visa account numbers with a token that only Visa can unlock, protecting the underlying account information. Compatible with apps such as Google Pay and Apple Pay, VTS runs as a payments security platform offering different solutions for retail consumers as well as institutions like banks and clearing houses.
Since launching VTS in 2014, Visa confirmed it issued one billion tokens by 2020, after which growth accelerated to two billion in 2021 before doubling again this year to four billion. The popularity of the service driven by its promise of safer online transactions aligns with the surge in online spending since the global outbreak of COVID-19. eCommerce volumes have expanded by more than 50 percent since the onset of the pandemic, the world's largest payments processor stated citing data from the US Department of Commerce.
"Without exposing the consumer's account to fraud, tokenisation enables frictionless, card-free payments. eCommerce is now happening everywhere. Online happens in-store as merchants look to provide more options for consumers. In-store, your phone can also be your Visa card” said Visa Executive VP and CPO, Jack Forestell.