Reportedly, Payments giant Visa Inc. (V) has issued over 4 billion network tokens worldwide through its security technology Visa Token Service (VTS), outpacing the total number of its physical cards in circulation. VTS replaces 16-digit Visa account numbers with a token that only Visa can unlock, protecting the underlying customer account information.
Visa informed, that the E-commerce volume has grown by more than 50% since the onset of the pandemic. Since launching VTS in 2014, Visa said it had issued 1 billion tokens by 2020, after which growth has accelerated to 2 billion in 2021 before doubling this year.
Also, the demand is not likely to fade away, with most consumers retaining the lockdown habit of swiping cards online and helped by ongoing investments from companies in making the shopping experience on digital platforms more secure and user-friendly.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network, and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage Page.)
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