Visa has introduced Token Management Service, a solution designed to unify management and secure customer payment data. Token Management Service enables an integrated view of payment preferences and behaviours across a merchant’s commerce platforms, processing environments, geographies, payment types and card brands.
About 70% of the world, or more than 5 billion people, will be connected via mobile device by 2020, creating the need for merchants to provide consumers with seamless digital payments that work securely, anywhere and on any device. Token Management Service is part of Visa’s CyberSource payment management platform.
Different token services deployed across multiple digital commerce environments create channel silos, preventing merchants from fully understanding payment behavior across their various customer touchpoints. Token Management Service enables merchants to unify payment token implementation.
Customers can buy goods online, then pick them up in store, or make a purchase online and return items in-store. Merchants can augment their customer engagement strategy with tailored loyalty programs and promotions to suit customer preferences and behavior, ultimately providing impactful customer experiences.
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“Our clients are seeking to create new integrated commerce experiences that unify their digital and physical operations to gain a comprehensive 360-degree view of their customer interactions,” said Andre Machicao, senior vice president, digital merchant products, Visa.
“Today’s launch of Token Management Service brings merchants a vital capability to better service their customers by enabling them to embrace and create new, frictionless and secure payment experiences and maintain their competitive edge.”
Token Management Service is a complementary solution to Visa Token Service, a payment network tokenization service developed by Visa in 2014. Visa Token Service has paved the way for innovative digital payments types, ranging from technologies such as Visa Checkout, to mobile wallets and payment-enabled IoT devices, including wearables, connected cars and appliances and mobile commerce in retail environments.
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