Visa (NYSE:V) today announced that Facebook has joined the Visa Digital Enablement Program (VDEP), which offers a commercial framework to make it easier for partners to access Visa’s token services and other digital capabilities globally.
Facebook will use the Visa Token Service to help accelerate the availability of secure, payment-enabled services through its digital properties.
Over the last several years, Visa has developed a number of technology platforms and programs, including VDEP and Visa Token Service, to simplify the process for its partners and clients to bring innovative payment solutions to market. By joining VDEP, Facebook is able to offer its payments solutions to businesses, payments processors, and financial institutions that utilize the Visa Token Service in a convenient and scalable manner and without a complex set of contractual agreements or technology integrations, ultimately helping to accelerate the availability of payments and commerce-related services for people using Facebook around the world.
“Being able to offer people a safe, simple and consistent purchasing experience, regardless of where they are and what device they are using, is increasingly critical and is what VDEP is designed to do for a global technology company like Facebook,” said Jim McCarthy, executive vice president of innovation and strategic partnerships, Visa. “Simplifying the relationship between a global technology company and the financial institution clients already utilizing our token services is what VDEP is designed to do - it’s an essential part of ensuring these in-demand experiences can be delivered to people as quickly as possible.”
The Visa Token Service is a security technology that replaces sensitive payment card account information, such as the 16-digit account number, expiration date and security code, with a unique digital identifier (a “token”) that can be used to process payments without exposing actual account details. Facebook will use this technology as one of the many protections it employs to ensure the security of payments across its platform.
Since VDEP launched in 2015, technology partners and financial institution clients have joined the program to help simplify the way they bring payments solutions to their customers. The Visa Digital Enablement Program and Visa Token Service are globally available to partners and clients. For more information, visit www.visa.com/tokenservice.