Visa tokens bring USD2 billion uplift to digital commerce in Asia Pacific

PR Newswire03-26

With the increase in digital transactions, Visa Token Service can help to facilitate smoother consumer checkout experiences, to decrease fraud and to improve payment authorisations SINGAPORE, March 26...

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SINGAPORE, March 26, 2024 /PRNewswire/ -- Asia Pacific's digital economy experienced an uplift of more than USD2 billion[1] in 2023 as a result of Visa Token Service  adoption, Visa announced today. This achievement underscores the powerful value that tokens bring to digital commerce, both in-store and online, as the number of tokens reached the 1 billion[2] milestone in Asia Pacific.Tokens can also improve payment processing by enabling greater control and enriching data exchange for each transaction. These improvements have reduced cases where legitimate transactions are declined by payment systems – an experience that can be frustrating for consumers and merchants. Merchants who have adopted VTS for their digital payments have experienced a higher payment success rate or authorisation uplift of USD2 bill","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4227":"交易和支付处理服务","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0109392836.USD":"富兰克林科技股A","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","BK4527":"明星科技股","BK4559":"巴菲特持仓","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4588":"碎股","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU0444971666.USD":"天利全球科技基金","LU0861579265.USD":"联博低波幅策略股票基金A","LU1046421795.USD":"富达环球科技A-ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0971096721.USD":"富达环球金融服务 A","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0056508442.USD":"贝莱德世界科技基金A2","BK4581":"高盛持仓","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","V":"Visa","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","VTS":"Vitesse Energy","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","BK4213":"石油与天然气的勘探与生产","LU":"陆金所","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK4106":"数据处理与外包服务","LU0079474960.USD":"联博美国增长基金A","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC"},"translate_title":"Visa令牌为亚太地区数字商务带来20亿美元提升","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VTS":1,"V":1,"LU":0.6},"content_text":"With the increase in digital transactions, Visa Token Service can help to facilitate smoother consumer checkout experiences, to decrease fraud and to improve payment authorisations\nSINGAPORE, March 26, 2024 /PRNewswire/ -- Asia Pacific's digital economy experienced an uplift of more than USD2 billion[1] in 2023 as a result of Visa Token Service (VTS) adoption, Visa announced today. This achievement underscores the powerful value that tokens bring to digital commerce, both in-store and online, as the number of tokens reached the 1 billion[2] milestone in Asia Pacific.\n\n  \n\nVTS replaces the 16-digit debit or credit card number with a unique identifier called a token that only Visa can unlock. Visa tokens secure the payment credential, enabling the transfer of enhanced data, which can help to improve payment success rates and lower fraud rates. These benefits, coupled with ease of use across devices, lead to an improved consumer experience.\nTokens can also improve payment processing by enabling greater control and enriching data exchange for each transaction. These improvements have reduced cases where legitimate transactions are declined by payment systems – an experience that can be frustrating for consumers and merchants. Merchants who have adopted VTS for their digital payments have experienced a higher payment success rate or authorisation uplift of USD2 billion while payment fraud rates are reduced by more than half (58%)[3].\n\"Consumers and businesses alike expect payments to be secure and seamless and network tokens are the enabler. With the authorisation uplift and lowered fraud rates, merchants can focus more of their valuable time and resources on product innovation and customer engagement. We encourage more merchants to adopt tokenised payments as this technology can make a direct impact to their top and bottom lines,\" said Previn Pillay, Head of Merchant Sales & Acquiring, Asia Pacific, Visa.\nVisa is also expanding the modern payment experiences that tokenised credentials can bring to online environments. With tokens, consumers no longer need to manually key in their 16-digit credentials when paying online, or deal with the hassle of updating their card details across multiple platforms when the card expires or needs to be replaced. Similarly, VTS ensures that merchants can update their customers' payment information securely through Visa's platform, in turn offering these customers seamless, uninterrupted payments with lower incidences of authorisation declines, whether paying through a smartphone, wearable, or smart appliance.\n\"Tokens pave the way for the future of commerce as the innovation possibilities are immense with tokenised payment credentials that can unlock new and more personalised consumer experiences beyond physical Visa cards. We continue to build on the capabilities that modern credentials offer, together with our partners, to bring more value to the entire payment ecosystem,\" said TR Ramachandran, Head of Products and Solutions, Asia Pacific, Visa.\nTo learn more about how Visa is leading the Token transformation, visit here.\n\n\n\n\n[1] Processed payment volume using tokenised credentials over VisaNet in AP region for the year Jan to Dec 2023 multiplied by the authorisation uplift. \n\n\n[2] Number of tokens issued on Visa systems associated with Issuers licensed in Asia Pacific region as of March'2024. \n\n\n[3] Visa Risk Datamart, Global, FY22 Q1–Q4 Token Fraud Rate vs PAN Fraud Rate by PV for merchants with over 1,000 CNP token transactions per month per country. Merchant's individual results may vary. \n\n\n\n\nAbout VisaVisa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com. \n View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/visa-tokens-bring-usd2-billion-uplift-to-digital-commerce-in-asia-pacific-302098162.html\nSOURCE Visa","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422563605"}