The Visa click to pay experience will help shoppers enjoy simple and secure online checkouts
SAN FRANCISCO–(BUSINESS WIRE)–
Visa Inc. (NYSE: V) today announced that participants in Visa Token Service (VTS) are estimated to process a combined ecommerce volume of $1 trillion*, marking a significant opportunity in its efforts to make digital payments more secure. Tokenization is a technology that replaces sensitive payment information with a unique identifier, or â€œtokenâ€�, protecting the underlying sensitive payment information.
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Starting January 21, active Visa Checkout merchants in the US will transition to a new, easy, smart and secure online shopping experience for card payments across web and mobile sites, mobile apps and connected devices. (Photo: Business Wire)
In 2019, despite a shortened holiday shopping season, consumer spending was up 19.7 percent from 2018, with online shoppers spending a record $9.4 billion on Cyber Monday alone1. To that end, consumers shelled out $125.6 billion online from Nov. 1 to Dec. 19, with more than a third of that spending happening on smartphones2. Beyond the meteoric rise of digital shopping, tokenization technology is also on the rise with increasing adoption among merchants and retailers.
While the high numbers can be attributed to several factors, one thing remains clear: the retail industry and consumer behavior continue to be transformed by technology. By next year, there will be 2.1 billion digital buyers worldwide, up from 1.66 billion in 20163, and 69%