SAN FRANCISCO—Visa is pushing deeper into the ever-growing digital payments space by signing up a raft of global players in that segment to be part of its Visa Token Service.
The card giant announced it had added 28 partners for the service, including prominent Russian Internet company Yandex's Yandex. Money and other international "gateway" payment service providers, The Motley Fool reported.
Once these partners are certified, they will be able to tokenize all transactions effected by and through their clients on Visa cards.
The moves come at a time when Visa shared its plans during PSCU’s recent Virtual Member Forum to drive much greater use of tokenization across the country.
"We've seen a fraud reduction rate of 26% for digital transactions processed through Visa Token Service compared to traditional online card transactions," Visa stated.
According to Visa, 69% of U.S. consumers have had their card information stored securely for tokenization purposes. The company says there has been significant take-up of its Token Service, with over 150 partners signing up for it over the last five years.