1 billion payment tokens were issued through Visa Token Service, boosting the Asia-Pacific (APAC) digital economy by over $2 billion in 2023.
Visa Token Service, which enables tokenization of payment data, created 1 billion tokens in the Asia-Pacific region in 2023.
Visa Token Service (VST) was launched in 2014. The service acts as a bridge between the traditional banking system and digital payment services such as Google Pay and Apple Pay.
VST allows users to create a payment token that replaces the traditional 16-digit credit or debit card number for online purchases. With VST, consumers can share financial information or bank balances without revealing their personal data.
VST is powered by the VisaNet global network, which is capable of processing more than 56,000 transactions per second, the company’s documents state. One of the most common use cases for VST is cross-border payments.
Visa reps also said that Asia-Pacific merchants who implemented VTS support and used the service for digital payments were able to bring more than $2 billion into the APAC economy in 2023. Along with that, the level of payment fraud decreased by 58%.
Visa recently released a crypto card that allows users to exchange digital assets for USDC and use them to pay for goods and services, as well as withdraw funds to bank accounts.
