Visa Token Service is a new security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing actual account details. Visa Token Service provides an industry standard EMVCo-compliant service for the generation, life-cycle management and processing of payment tokens. Through the connection to VTS, G&D can enable the payment card tokenization in the provisioning and life-cycle management services that G&D CloudPay solution provides to the issuers’ HCE mobile wallets.
“Integration of our CloudPay solution with Visa Token Service enables us to provide a single service interface to Visa issuers for efficient and secure implementation of mobile payment services, including seamless payment card tokenization,” said Edgar Salib, Group Senior Vice President Financial Institutions division at G&D. He adds that “This is a solution based on the industry standards for issuing banks that want to enable their own digital wallets.”
As digital payments are increasing worldwide, the mobile channel has become a major focus for the issuers and other stakeholders for the development of new payment services to consumers. The relationship between Visa and G&D enables financial institutions to develop and offer their own mobile wallets, with issuer’s own brand on top of the wallet, to their customers.