Asia-Pacific market sees Visa Token Service surpass 1 billion tokens served

Visa made an announcement on March 26th revealing that its payment services in the Asia-Pacific region have successfully utilized over 1 billion tokens, resulting in a market uplift of over $2 billion last year.
The Visa Token Service (VST), which was launched in 2014, acts as a bridge between traditional banking account information and digital payment services like Google Pay and Apple Pay.
Essentially, VST replaces the conventional 16-digit credit/debit card number that consumers typically use for purchases with a secure numeric token. This enables consumers to share their financial information without exposing their private details or banking information.
VST operates on VisaNet, the company’s exclusive network that is capable of handling more than 56,000 transaction messages per second, according to company documentation.
One of the most prevalent use cases for tokenized payment methods is for cross-border payments and international travel. Exchanging cash or conducting wire transfers across different currencies often involves numerous obstacles. However, by using tokenized assets like cryptocurrency or tokenized payment services like VST, much of the hassle associated with these transactions can be avoided.
A recent study conducted by Visa found that 97% of travelers in the Asia-Pacific region prefer to use alternative payment methods instead of cash. In 2023, this preference led to an average expenditure of $2,525 per trip.
The “tokenization” of traditional assets into digital currencies and payment facilitators has experienced significant growth in the aftermath of the COVID-19 pandemic. As travel continues to rebound and the world recovers, consumers increasingly prioritize international payment methods with low fees and minimal obstacles when making purchases.
TR Ramachandran, Visa’s head of products and solutions for the Asia-Pacific region, expressed in a press release that tokens “pave the way for the future of commerce.”
Previn Pillay, head of merchant sales and acquiring for Asia Pacific at Visa, also emphasized the company’s encouragement for more merchants to adopt tokenized payments, as this technology can have a direct impact on their financial performance.
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