Visa tokens bring $15b to Asia Pacific digital commerce in 2023

The company said Visa token issued has so far reached 1 billion.

Visa Token Service (VTS) was able to bring $15b to Asia Pacific’s digital commerce in 2023, the company announced.

“This achievement underscores the powerful value that tokens bring to digital commerce, both in-store and online, as the number of tokens reached the 1 billion milestone in Asia Pacific,” Visa said in a statement.

VTS replaces the 16-digit number of a debit or credit card with a unique identifier called token. This secures the payment credential, enabling the transfer of enhanced data that can help improve payment success rates and lower fraud rates.

Tokens also improve payment processing by allowing greater control and enriching data exchange for every transaction. These enhancements reduced the rejected legitimate transactions.

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Visa said businesses who have integrated VTS experienced a high payment success rate, or authorisation uplift of HK$15b, whilst payment fraud rates declined by 58%.

“With the authorisation uplift and lowered fraud rates, merchants can focus more of their valuable time and resources on product innovation and customer engagement,” said Previn Pillay, head of merchant sales and acquiring, Asia Pacific at Visa.