Business
Revolutionizing Asia-Pacific’s E-commerce: The Game-Changing Impact of Payment Tokenization and Visa Token Service
The introduction of payment tokens is revolutionizing the business landscape in the Asia-Pacific region. The Visa Token Service increases sales, fast-tracks income, and minimizes payment rejections for its clients, including Adyen, Afterpay, and Foodpanda.
Digital payment services have significantly grown in popularity in the Asia-Pacific area in recent years, providing substantial advantages to both sellers and buyers due to the quick and easy transactions.
A significant advancement has been made with the successful implementation of payment tokenisation technology, specifically the Visa Token Service (VTS), backed by Visa, the worldwide digital payment platform. This has greatly improved the e-commerce industry by strengthening security measures and reducing the likelihood of payment rejections.
These improvements could be perceived as a real game-changer by aiding in increasing sales, income, and overall productivity. Businesses utilizing VTS encompass Foodpanda, a top food and grocery delivery application in Asia, Adyen, a payment platform corporation from the Netherlands, and Afterpay, an Australian financial tech firm renowned for its "buy now, pay later" scheme utilized by over 140,000 retailers globally.
Numerous ventures can vouch for the significant influence tokenisation has brought to their operations. With a billion tokens distributed across the Asia-Pacific area until March this year and vendors witnessing approximately US$2 billion rise in approvals, the prospects appear boundless.
VTS functions by replacing the standard plastic credit or debit card and its 16-digit primary account number (PAN) with a distinct digital identifier, or a token. This token acts as a cryptographic key to personal and payment particulars, and is solely used for transactions with a specific merchant. This ensures a high degree of security and confidentiality.
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