United Overseas Bank has implemented the Visa Token Service, and it is the first bank to do so in Asia Pacific.
“The Visa Token Service is a new security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier or “tokens” that can be used to process payments without exposing actual account details,” visa report.
All Visa cardholders can now make contactless payments through the UOB Mighty app that will be available on NFC-enabled Android smartphones. With this you can make payments in the country and overseas, for that you just have to open the app, select the “Pay” function, enter a PIN, and tap to pay at all NFC-enabled terminals.
According to the report notes that this gateway of payment is much more secure than the other methods because it doesn’t carry the customer’s primary account number in their tokens. The tokens can be instantly re-issued if you lost your phone or it has been stolen, without changing the primary account.
The tokens are based on existing ISO standards, they can be processed the same way as traditional card payments.