Blockchain-based Visa Token Service (VTS) is all set to launch this year by the world’s largest digital payment platform, Visa. With this release, VISA will process a combined eCommerce volume of $1 trillion. The Visa simplified online checkout experience will replace Visa Checkout in the US starting in January 2020. And will continue to expand globally through the end of 2020 to additional markets.
The Chief Product Officer at VISA, Jack Forestell in his exclusive interview says
At VISA, one of our primary goals has always been to create the best customer experience possible. As digital transaction volume grows, there has never been more urgency to build increased confidence in the seamlessness and security of online shopping. In addition, he says that this is why VISA is committed to the success of the click-to-pay experience and the added level of security that tokens bring to electronic payments.
Benefits Blockchain-based Visa Token Service Carries
Starting January 21, active VISA Checkout merchants in the US shift to the new, easy, smart and secure online shopping experience. As a result, card payments across the web and mobile sites, mobile apps and connected devices become easier than ever. Meanwhile, consumers start to leverage the click to pay experience outstandingly wherever merchants receive VISA card payment. Furthermore, consumers will also pay with confidence using their VISA cards by knowing it is using advanced technology and authentication methods to protect transactions.
The click to pay experience is also interoperable with the EMVCo tokenization specification and with the 3-D Secure specification to bring more of today’s most advanced security methods to emerging and existing digital payments channels.
VISA’s new blockchain-based system will now allow them to securely tokenize assets with bank-grade encryption in minutes. The move is the next step in VISA’s blockchain strategy which began with the tokenization of sensitive information. Especially, to remove the need to share private information with third-parties directly.
So, what do you think? Is it a good move by the world’s largest digital payment platform? Do share your views