Singapore-based United Overseas Bank (UOB) has become the first bank in Asia-Pacific region to implement the Visa Token Service. The bank is integrating the Visa Token Service as part of its digital wallet UOB Mighty.
The Visa Token Service is a new security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier or “tokens” that can be used to process payments without exposing actual account details.
Visa cards that are tokenized are also domain controlled, meaning the tokenized card is linked to a consumer’s phone or wallet application and is validated in real-time by VisaNet, Visa’s global payment processing platform.
Visa works in concert with financial institutions, technology platform providers and device manufacturers to incorporate new and advanced identification methods to further protect consumers including device identification, biometric authentication, and other capabilities.
Tokenization was first introduced as a new global standard in October 2013 by Visa and other payment schemes to enhance security and simplify consumers’ purchasing experience.
The enhanced UOB Mighty service enables its Visa credit or debit cardholders to make contactless payments with an NFC-enabled Android smartphone simply by launching the UOB Mighty app, selecting the “Pay” function, entering a PIN and tapping to pay at all NFC-enabled terminals in Singapore and overseas.
For data, background and forecasts on the Visa Token Service: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 payments metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).
