Visa in collaboration with PrivatBank has rolled out its Visa Token Service in Ukraine that offers a secure environment to speed up innovation in e-commerce and mobile payments.
Instead of using sensitive payment account information found on plastic cards, the new token service leverages a digital account number or ‘token’ that preserves the integrity of the Visa payment transaction.
Go deeper with GlobalData
The tokens do not carry a consumer’s payment account details, including the 16-digit account number and be limited to specific merchants, mobile devices or types of purchases, which offers another form of innovation and security.
The service is available to Visa cardholders with NFC-enabled mobile devices that run on the Android operating system (version 4.4 or later).
Visa group country manager for CIS and SEE Mandy Lamb said: “Making the payments environment safer, we open up a world of possibilities where commerce can take place in different forms and consumers can shop anywhere, on any device, with confidence.
“Visa Token Service makes in-store and in-app shopping, as well as online payments, more secure. Currently, Ukrainians are increasingly shopping online and the numbers reflect this: in the third quarter of 2016, the number of online transactions grew 22% compared to the same period in 2015.
“The number of online merchants in Ukraine that accept cashless payments increased nearly fourfold. Clearly, consumers are seeking more secure and seamless buying experiences and this is what Visa Token Service offers to consumers.”
