The modern consumer more and more demands convenience and seamlessness across their daily lives. This simple, singular fact has served as a benchmark for much of the innovation defining the payments and commerce landscape of the past few decades.
And with the news Tuesday (June 4) that Visa has issued its 10 billionth payment token, embracing payments innovations is top of mind for businesses interested in meeting their customers’ expectations.
That’s because tokenized payments, which work by replacing sensitive personal data with a cryptographic key, or token, have saved $650 million in fraud in the last year while driving over $40 billion in incremental eCommerce revenue for businesses globally.
“The security properties of the token enable merchants to embed it in virtually any payment experience. It does its magic in the background in making sure that the good transactions are getting through, but also in powering up these experiences that the modern consumer is seeking,” Mehret Habteab, senior vice president of Product and Solutions at Visa Europe, told PYMNTS CEO Karen Webster.