Visa tokenization is live with NAB Pay, NAB’s new mobile payment service that enables customers to use their mobile phone to make in-store purchases without the need for a physical card.
The service allows UOB Visa credit or debit card members 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.
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.
The Visa Token Service is a new security technology that first launched in the United States and is being rolled out in several markets across the world. As payments shift from plastic to digital, Visa is helping financial institutions, merchants and technology partners to offer consumers a secure, simple and consistent purchasing experience, regardless of where they are and what device they are using.
The Visa Token Service supports a broad range of use cases including proprietary wallets such as NAB Pay, third party wallets and remote payment applications such as in-app payments, or where customer card details are held on file for recurring remote payments.
For a complete archive of more than 60,000 articles published since 1995 search the CardFlash.com library.