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.