Visa, one of the leading digital payment systems, announced that it has issued more than 4 billion tokens worldwide.
Financial services companies continue to grow with the steps they take in the crypto industry. Companies that keep up with the developing blockchain ecosystem have started to reap the fruits of their work. One of them was Visa, one of the pioneers in payment services.
Visa’s Token Number Has Doubled Since The Pandemic
Visa said on Wednesday that it has issued more than 4 billion tokens worldwide through its security technology Visa Token Service (VTS), surpassing the total number of physical cards in circulation.
Since the company launched VTS in 2014, it has issued 1 billion tokens by 2020. The growth continued as the number of tokens increased to 2 billion in 2021, and the number has doubled this year.
In a statement citing data from the US Department of Commerce, e-commerce volume has increased by more than 50 percent since the start of the pandemic, Visa’s vice president and product manager, Jack Forestell, told Reuters:
“Tokenization enables seamless cardless payments without exposing the consumer’s account to fraud”
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