SAN FRANCISCO—More than four-billion network tokens have been issued by Visa worldwide through its security technology Visa Token Service (VTS)—a total that surpasses the payments giant’s total number of physical cards in circulation, according to a new report.
VTS replaces 16-digit Visa account numbers with a token that only Visa can unlock, protecting the underlying account information.
"Without exposing the consumer's account to fraud, tokenization enables frictionless, card-free payments," Jack Forestell, executive vice president and chief product officer at Visa, told Reuters.
A Spending Surge
Reuters noted that a key driver of token usage has been the surge in online spending during the health crisis.
Since launching VTS in 2014, Visa said it had issued one-billion tokens by 2020, after which growth accelerated to two billion in 2021 before doubling this year.
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