Visa deploys global token management system

In response to growing adoption of mobile technologies worldwide, Visa Inc. unveiled Token Management Service on Feb. 22, 2018. Designed to facilitate diversified payment methods across multiple channels, platforms and geographies, the service will securely process payments while providing a single-access view of global commerce across an enterprise. The service is part of Visa's CyberSource payment management platform, Visa representatives stated.

"Our clients are seeking to create new, integrated commerce experiences that unify their digital and physical operations to gain a comprehensive 360-degree view of their customer interactions," stated Andre Machicao, Senior Vice President, Digital Merchant Products at Visa. "Today's launch of Token Management Service brings merchants a vital capability to better service their customers by enabling them to embrace and create new, frictionless and secure payment experiences and maintain their competitive edge."

Visa analysts predicted mobile device users will reach 5 billion by the year 2020, when approximately 70 percent of the world's population will be connected to mobile networks. Merchants will need to provide customers with secure digital payments while observing all their touchpoints across multiple channels, Visa stated.

Unified token implementation

Visa noted its Token Management Service will help merchants provide a consistent customer experience by facilitating a range of transactions, including buy online and pick-up in store, or buy online and return in store. The card brand described the service as easy to operate with limited changes to existing merchant and processor infrastructures. Visa said it will store payment card data in its data centers, reducing merchant costs and minimizing security threats.

Token Management Service will facilitate frictionless checkout, omnichannel initiatives and loyalty programs, according to CyberSource representatives. The solution supports creation, retrieval, update, and deletion of tokens in bulk, they noted. Designed to reduce complexity, it will help business owners address the increased requirements of tokenization in a global, digital economy. They cited the following additional benefits:

• Enhances payment security, reduces PCI DSS scope

• Reduces token management complexity by standardising tokens across channels, payment types, providers

• Supports omnichannel initiatives

• Powers customer analytics, marketing programs

• Facilitates payment operations agility: acquirer agnostic, easy access/recovery of customer data, simplified extension of security protocols to new channels, payment types

Token Management Service is compatible with earlier versions of the company's network tokenization solutions, including Visa Token Service, an iteration launched in 2014. The company said it has continuously enhanced its suite of tokenization solutions for online checkout, mobile wallets and payment-enabled IoT devices. Visa representatives expect its unified tokenization solution to be broadly deployed across wearables, connected cars, appliances and mobile commerce. The service will benefit merchants by simplifying and consolidating payment network tokenization services, the company stated.

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