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What's this $0.00 transaction on my account?

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What's this $0.00 transaction on my account?

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It’s been reported that Amazon and PayPal have begun to tokenize cards on file to better protect consumers’ account information. While this is a positive development in terms of fraud mitigation for online purchases, it may cause confusion for our members. We hope the following information will be helpful.

What is Tokenization?

Visa Token Service, a new security technology, replaces sensitive account information, such as the 16-digit account number, with a unique digital identifier called a token. The token allows payments to be processed without exposing actual account details that could potentially be compromised.

How Visa Token Service works

The Visa Token Service enables digital payment service providers, like Amazon and PayPal, and financial institutions to offer their consumers a safe way to shop online and with mobile devices. Here’s how a token is initiated:

What's this $0.00 transaction on my account?

You enroll your Visa Debit or Credit card with a digital payment service (such as Amazon or PayPal) by entering your primary account number (PAN), security code and other payment account information

The digital payment provider requests a payment token from Visa for the enrolled account

Visa shares the token request with the account issuer (SCE Credit Union, for example)

With the account issuer’s approval, Visa replaces your PAN with a unique digital identifier – the token

Visa shares the token with the token requestor for online and mobile payment use. A payment token can be limited to a specific mobile device, eCommerce merchant or number of purchases before expiring

How Tokens are used

As consumers increasingly shop with connected devices, the need for a seamless and secure digital payment experience becomes crucial. Without exposing the consumer’s account to fraud, tokenization enables frictionless, card-free payments in digital commerce environments.

What's this $0.00 transaction on my account?

Online

Making eCommerce purchases is becoming commonplace. Tokenization provides online retailers with an innovative and secure way of handling payments

In-Store

Tokenization provides a secure way for consumers to make in-store payments by simply waiving their device near the payment terminal

In-App

The ability to pay with Visa is increasingly embedded in innovative mobile applications making it easier to pay for your transaction on the go