Visa is set to expand its Visa Token Service to over 12 countries in Europe by the end of this year, in a bid to make mobile and online payments more secure and convenient.
The new service that facilitates secure and convenient mobile payments is live in five European markets, with seven more in the pipeline.
The new technology, which replaces the consumer account information with a unique digital identifier known as a token, enables payments to be processed without exposing the actual account details that could potentially be compromised.
Visa Token Service is already supporting mobile payment services in 27 countries, including in France, Ireland, Poland, Switzerland and the UK, with more than 1,300 financial institution partners.
The technology is part of Visa’s IoT (Internet of Things) vision, which allows secure and convenient commerce on any connected device, such as phones, tablets, wearable devices, even automobiles and appliances.
Visa executive director for digital solutions Sandra Alzetta said: “Since 2015, we have seen people throughout Europe embrace mobile payments.
“Next on Visa’s horizon is expanding our token service to give merchants an easy way to safely store the customer account information they keep on file and enabling secure commerce with a broad range of connected devices.”