A consumer enrolls their Visa account with a digital payment service provider (such as an online retailer or mobile wallet) by providing their primary account number (PAN), security code, and other account information. The digital payment service provider requests a payment token from Visa for the enrolled account. Depending on the use case, Visa may share the token request with the issuing bank. With the account issuer’s approval, Visa replaces the consumer’s PAN with the token. Visa then shares the token with the digital payment service provider for online and mobile (NFC) payment use. A payment token can be limited to a specific mobile device, e-Commerce merchant, or number of purchase transactions before expiring.
Tokenization requires a new stakeholder role known as token requestor. Token requestors are entities who initiate the process of tokenization. In order to request tokens from the Visa Token Service, you must first register with Visa as a token requestor and agree to comply with Visa's participation requirements and processes.
The API’s allow issuers to participate in the tokenization process in order to securely provision a token on a device in partnership with Visa and wallet providers. The process involves the following interactions between token requestor, Visa and issuer.
- Lifecycle Management