Visa To Remove 16-Digit Account Number In Online & Mobile Payments - Quick Facts

(RTTNews) - Credit card processor Visa Inc. (V) said it is expanding the use of new security technology that replaces the traditional 16-digit Visa account number with a unique series of numbers, aiding to prevent exposure of sensitive consumer account information in online and mobile payments.

"In 2015, Visa will offer secure payments across a wide variety of devices, platforms and apps," said Charlie Scharf, chief executive, Visa Inc. He added, "In order to enable these innovative new ways to pay, we are deploying smart technologies that help to prevent fraud, while also maintaining consumer and merchant trust in digital commerce."

In September 2014, Visa introduced Visa Token Service or VTS, an innovative technology that replaces sensitive payment account information found on plastic cards, such as the 16-digit account number, expiration date and security code, with a unique series of numbers that can authorize payment without exposing actual account details.

Till date, over 500 financial institutions have started to implement VTS. In 2015, the service would expand to more payment environments, helping merchants, financial institutions and mobile device manufacturers to offer secure digital payment experiences.

With respect to mobile payment applications, Visa intends to tokenize transactions initiated online with Visa Checkout, Visa's online payment service that allows consumers to complete eCommerce purchases in just a few clicks.