Visa brings token service with United Overseas Bank (UOB) partnership to Singapore, the first country in Asia Pacific to have Visa Token Service that will replace sensitive payment account information with a unique digital code.
With this move, Visa aims to enhance security around mobility and digital payments. The Visa Token Service is a security technology that replaces sensitive payment account information, such as the 16-digit account number, expiration date, and security code with a unique digital "token" that can be used to process payments without exposing any account details.For security purposes, Visa said all tokenised cards are linked to a customer's mobile or an application that is validated via VisaNet in real-time.
United Overseas Bank has implemented the Visa Token Service in its mobile app, UOB Mighty for UOB's Visa credit or debit cardholders to make contactless payments with an NFC-enabled Android smartphone by selecting the "pay" function, entering a PIN, and tapping to pay at all NFC-enabled terminals in Singapore and overseas.
Using deploying smart technologies, this Token Service aims to help prevent fraud, and enable users to pay with their mobiles and online without the need to share sensitive information; focused on delivering a safe, secure, simple, and consistent consumer purchasing experience.