Visa has enabled third party partners to access its Visa Token Service (VTS), supporting them to speed up the adoption of secure, digital payments.
The tokenisation services will be accessed by new partners, including technology companies, device manufacturers, issuers, Internet-of-Things (IoT) companies, wallet providers, merchants and others.
The latest move will allow Visa to more quickly and easily offer secure digital payment services on any device to the market.
At the outset, Giesecke and Devrient, Gemalto and Inside Secure have partnered to participate in Visa’s token service provider programme to offer new expanded access to VTS.
The VTS replaces cardholder information, including account numbers and expiry dates, with a unique digital identifier (token) that can be used for payment without exposing a cardholder’s sensitive account information.
During digital transactions, tokenisation hides consumers’ confidential account information, making digital payments more secure for everyone, everywhere.
Visa executive vice president for innovation and strategic partnerships Jim McCarthy said: “Secure digital payments will take a huge leap forward with Visa’s token service provider program, by accelerating tokenization throughout the industry.
“By expanding tokenization and giving both issuers and token requestors choice, digital payment solutions will continue to grow and give consumers peace of mind when paying on any device.”