Visa has begun rolling out the Visa Token Service in the Asia Pacific region, starting with United Overseas Bank in Singapore.
Visa Token Service is the card network's technology for replacing sensitive payment account information such as the account number with unique digital tokens, which can't be used to create counterfeit cards. United Overseas Bank will implement the service through its digital wallet UOB Mighty.
For mobile wallet applications, tokenized cards are domain controlled, which means the card is validated by Visa's global payment processing platform VisaNet in real time.
The UOB Mighty wallet is available to NFC-enabled Android mobile devices. Visa plans to roll out Visa Token Service to more markets in the Asia Pacific region in the coming months, Visa head of product for Asia Pacific T.S. Anil said in a Dec. 14 news release.
