September 11, Fineko/abc.az. Visa Token Service creates secure environment to accelerate innovation in mobile payments and e-commerce.
Visa has announced the launch of Visa Token Service in Azerbaijan – an innovative technology that provides a secure environment to drive innovation in payments ecosystem.
Visa Token Service is a security technology that helps clients to build and maintain digital payment experiences while protecting consumers’ sensitive information from fraud. It replaces sensitive payment card account information, such as the 16-digit account number, expiration date and security code, with a unique digital identifier (a “token”) to process payments without exposing actual account details.
To start using new service Visa cardholders need to have NFC-enabled mobile devices, running on the Android operating system (version 4.4 or later).
The first digital payment wallet in Azerbaijan is already available for the cardholders of International Bank of Azerbaijan.
“Making the payment environment safer, we open up a world of possibilities where commerce can take place in different forms and consumers can shop anywhere anytime, secure and confidently,” said Cristina Doros, Visa Country Manager for the Caucasus Region. “We aim to develop payments standards and services designed to protect consumers’ account information when shopping with mobile devices. We would like to thank our partners for continuous support that allowed us to bring this solution to the market and strongly believe that Visa Token Service will help transform connected devices and wearables into secure and convenient payment means.”
Visa Token Service is implemented in alignment with the State Program on Expansion of Digital Payments in the Republic of Azerbaijan for 2018-2020 that is aimed at the expansion of digital payments.
Visa Token Service provides a seamless experience for consumers making purchases with mobile devices or online, while preserving the integrity of the Visa payment transaction. Key benefits of Visa Token Service include:
• Consumer Protection: Tokens replace the 16-digit account information on payment cards with a numeric substitute. This new identifier is called a digital account number (token) and it can facilitate payment transactions without sharing sensitive personal account information.
• Customized Usage: Tokens can be limited to specific merchants, mobile devices or types of purchases – providing another form of innovation and security.
• Convenience and Cost Effectiveness: Tokens linked to lost or stolen mobile devices can be instantly reissued without changing account numbers or reissuing payment cards.
• Easy Processing: Tokens are based on existing International Organization for Standardization (ISO) standards and can therefore be processed and routed by merchants, acquirers and issuers like traditional card payments.
The Central Bank’s Board has endorsed the changes to the Rules for Azerbaijani residents’ transactions in foreign currency and non-residents’ transactions in national and foreign currency
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