- In Brazil, 400 million tokens issued; 63% of on-line transactions are tokenized, overlaying varied card credentials.
- Leandro Garcia highlights tokenization’s position in securing funds, enhancing consumer expertise, and stopping $650 million in frauds.
Visa has just lately achieved the numerous milestone of issuing ten billion tokens globally, marking a serious step within the adoption of digital fee safety measures. In Brazil, the fee large has issued 400 million tokens, the place 63% of the platform’s on-line transactions are actually tokenized. This consists of credentials for credit score, debit, and pay as you go playing cards, considerably enhancing the safety and innovation of digital monetary transactions.
Tokenized transactions are thought of safer and are much less identified to most people. Visa stories that tokenized operations have a fraud price 5 instances decrease than non-tokenized transactions. This makes tokenization a essential pillar of safety for entities processing massive volumes of transactions, equivalent to banks and retailers.
“These results demonstrate how Visa tokens help issuers and merchants manage large payment flows in a secure, reliable manner, and in compliance with accountability guidelines. The increase in the adoption of technology improves the consumer experience and enhances their security when shopping online,” explains Leandro Garcia, Executive Director of Digital Payment Solutions at Visa.
Leandro Garcia, Visa’s Executive Director of Solutions for Digital Payments, explains how Visa tokens facilitate the safe and dependable administration of considerable fee flows for issuers and retailers. He emphasizes that the rising adoption of this know-how not solely enhances shopper expertise but additionally considerably boosts safety for on-line purchases.
As we already talked about in CNF, tokenization know-how, which replaces the 16-digit variety of a credit score or debit card with a singular and safe “token,” represents innovation for Visa. Each token is exclusive to every system, web site, or utility and is saved in a safe atmosphere. Retailers can entry the token solely for fee functions, and storage is allowed solely with the patron’s consent.
“Tokenization is increasingly being used to enhance security, optimize sales conversions and improve the online shopping experience. We see great potential for its growth, both in Brazil and globally, as more issuers, retailers and consumers realize the benefits of technology for their businesses and data protection,” concludes Garcia.
Garcia highlights the rising use of tokenization to enhance safety, optimize gross sales conversions, and improve the web buying expertise. He sees substantial potential for its development, each in Brazil and globally, as extra issuers, retailers, and shoppers acknowledge the advantages of the know-how for their companies and knowledge safety.
Currently, 29% of Visa’s international transactions are tokenized, a know-how that prevented $650 million in fraud losses in 2023 alone. This underscores the rising reliance on and the effectiveness of tokenization in safeguarding digital monetary transactions worldwide.
