Visa Inc. has 28 new partners joining its Visa Token Service as credential-on-file token requestors.
The list includes BlueSnap, DPO PayGate, FatZebra, LiqPay/PrivatBank, Moneris, RBK.Money, WalletDoc, Yandex.Money and others, according to a press release.
The Visa Token Service enables more secure online transactions instead of forcing users to enter full 16-digit card account numbers when making purchases. The system replaces the card number with a token that only Visa can unlock.
“Consumers are shifting more rapidly than ever to digital-first commerce, no matter what they’re buying, and tokenization is one of the more effective tools Visa uses to fight fraud and improve the digital payment experience,” Ansar Ansari, senior vice president, digital payment products at Visa, said in the release.
The company has seen a 26% fraud reduction rate for transactions processed through the Visa Token Service, compared with traditional online transactions. The Visa Token Service was launched in 2014 and has added more than 150 companies, ranging from makers of mobile devices and wearables to online merchants, payment service providers and others to the platform.