Visa Token Service Now Available in Asia-Pacific

Singapore-based United Overseas Bank (UOB) has become the first bank in the Asia-Pacific region to launch the Visa Token Service.

UOB has integrated the Visa Token Service into its digital wallet UOB Mighty, which enables contactless payments through an NFC-enabled Android device.

Visa credit or debit cardholders just need to launch the UOB Mighty app, choose the ‘Pay’ function, enter their PIN and tap to pay at NFC-enabled terminals.

Launched in October 2013 as a new global standard, the main purpose of tokenization is to improve security and streamline the purchasing experience of consumers.

The Visa Token Service works by replacing sensitive payment account information with a unique digital identifier or token. This identifier is used to process payments masking the actual account details

Tokenized Visa cards are also connected to customers’ phone or wallet application and are validated by VisaNet in real time.

To further safeguard consumers, Visa works with financial institutions, device manufacturers and technology platform providers to integrate new and advanced identification methods such as biometric authentication and device identification.

Mr Dennis Khoo, Head of Personal Financial Services, Singapore, UOB, commented, “Consumers are increasingly attached to their smartphones which have become an indispensable lifestyle device. With the Visa Token Service, UOB is able to offer Singapore customers the option of making contactless payments, with tokenised security, through their smartphones at the point of sale - whether it is in a supermarket, coffee shop or at a petrol station.”