Register a company in the United Kingdom and get an account in just 3 days!
The Rise of Tokenized Payments
Visa Token Service Fuels Asia Pacific’s Digital Boom. Visa’s innovation, the Visa Token Service (VTS), has emerged as a key driver of economic growth in Asia Pacific.
- VTS is credited with generating over $2 billion in additional revenue for the region, highlighting its significant contribution to the digital economy.
- Merchants integrating VTS have witnessed a double win. Reduced fraud rates by a staggering 58% compared to traditional methods. Increased successful transactions worth $2 billion, likely due to fewer declined payments caused by fraud concerns.
- VTS replaces the cumbersome 16-digit card number with secure tokens, simplifying the online payment process for consumers. No more manually entering card details across different websites!
Beyond VTS, Visa is actively shaping the future of cashless transactions
- Visa is actively encouraging wider adoption of VTS by merchants, highlighting its potential to boost revenue and customer satisfaction.
- Visa partnered with Transak to bridge the gap between cryptocurrency and traditional fiat currencies. This collaboration allows seamless conversion of cryptocurrencies into spendable money in over 145 countries, potentially unlocking a new wave of digital payments.
- Visa’s acquisition of Pismo, a cloud banking platform, strengthens its presence in Asia Pacific, Latin America, and Europe. This move suggests Visa’s commitment to expanding its reach and integrating innovative financial technologies.
Visa’s focus on security, convenience, and embracing new technologies like cryptocurrencies positions VTS as a powerful tool for continued growth in Asia Pacific’s digital economy. With continued innovation and strategic partnerships, Visa is well-positioned to lead the region’s journey towards a cashless future.
At International Fintech Business (IFB), we help to connect companies to VISA, MasterCard, and China Union Pay payment methods. Contact us today!
