Visa announced that over one billion tokens have been issued for payment services in the Asia-Pacific region, resulting in a market uplift of more than $2 billion last year.

The Visa Token Service (VST) was introduced in 2014 to connect traditional banking information with digital payment tools like Google Pay and Apple Pay.

VST works by replacing the traditional 16-digit credit/debit card number with a secure token, safeguarding consumer financial information.

Operating on VisaNet, Visa's proprietary network allows for the processing of over 56,000 transaction messages per second.

Tokenized payment methods are popular for international travel and cross-border payments, offering convenience and efficiency compared to traditional methods.

Visa's research indicated that 97% of travelers in the Asia-Pacific region prefer non-cash payments, spending an average of $2,525 per trip in 2023.

The rise of digital currencies and tokenized assets due to the impacts of COVID-19 has increased the importance of low-fee and streamlined international payment solutions.

Visa's Asia-Pacific head of products and solutions noted that tokenization presents innovation opportunities that can enhance consumer experiences and provide value across the payment ecosystem.

Encouraging more merchants to embrace tokenized payments, Visa aims to help businesses enhance their financial performance by adopting this technology.