Visa has teamed up with Singapore’s United Overseas Bank (UOB) to offer its token service in Asia Pacific for the first time.
Go deeper with GlobalData
The token service, launched in 2013 as a global standard by Visa, replaces sensitive payment account data of payment cards with a unique digital identifier or tokens that can be used for payments processing.
Tokenised Visa cards are linked to a consumer’s phone or wallet app and validated in real-time by Visa’s global payment processing platform VisaNet.
Visa head of product for Asia Pacific TS Anil said: "The Visa Token Service can help prevent fraud by offering financial institutions, merchants, and third party payment providers, such as digital wallet providers, a secure way to enable mobile and online payments without sharing sensitive account information."
UOB has incorporated the token service into its UOB Mighty digital wallet, and will now allow its Visa credit or debit cardholders to pay contactlessly on NFC-enabled Android smartphones through the UOB Mighty app.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataUOB head of personal financial services, Singapore, Dennis Khoo said: "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."
