Visa has announced that it has now issued more than 4bn tokens worldwide through its Visa Token Service, nearly double the total 12 months ago and surpassing the number of physical Visa cards in circulation for the first time.
The figures also show that more than 8,600 issuers and 800,000 merchants are now using the service worldwide, leading to “a 28% reduction in fraud rates and a 3% increase in approval rates – increasing sales for merchants while saving them money on fraud-related expenses”, according to Visa.
“The uptick in issuers, acquirers, merchants and consumers all transacting with Visa tokens reinforces that the future of money is truly digital, and digital money must be built on trust,” Visa executive vice president Jack Forestell says.
Visa announced it had issued more than 1bn tokens worldwide in June 2020.
The payments network has also produced a 30-second video that explains the basics of how tokenization works: