Visa released this Tuesday (12), new data on tokenized online transactions, revealing notable growth in this technology.
The numbers show a 200% increase in transactions between June 2022 and June 2023, being even more significant when considering the first half of 2023 (January to June), with an increase of almost four times compared to the same period of the year previous.
In June 2023 alone, approximately 35% of Visa’s total online transactions in Brazil were tokenized.
These numbers reflect the growing popularity of digital transactions without the need for a physical card. In tokenized transactions, the user’s credential information is replaced by a unique token, usable only once in the specific transaction environment.
This provides a significant layer of protection, both for the consumer and the commercial establishment, in the event of data interception by fraudsters.
Tokenization at Visa
Visa data also highlights that this technology has been a great ally for Brazilian commerce, increasing the approval rate of transactions and reducing fraud attempts. As of June 2023, Visa tokenized transactions have an approval rate 19 percentage points higher than online transactions without this technology.
With regard to security, the numbers are even more promising, with a four-fold reduction in the fraud rate in tokenized transactions compared to payments that do not have this innovation, when comparing the second quarter of 2022 and 2023.
“An important trend has become evident as we move towards an economy that is not only digital, but also tokenized,” said Fernando Amaral, vice president of Solutions and Innovation at Visa do Brasil.
Also according to Amaral, the tokenized economy is one of Visa’s fundamental pillars in building a safer and more accessible transaction environment.
“It is important to highlight that, through tokenization, we provide an improved digital experience for Brazilian consumers, making usability faster, more convenient and safer,” concluded Amaral.
Source: https://www.criptofacil.com/transacoes-tokenizadas-no-brasil-triplicam-destaca-visa/
