Visa introduces new payment service

MANILA, Philippines - Visa Inc. has introduced a new payment service coinciding with the global payments company’s supports to the new Apple products (iPhone 6, iPhone 6 Plus and Apple Watch).

Visa Token Service will be able to add Visa debit and credit cards to Apple Pay, Apple’s new payment service, and enable their customers to make easy and secure purchases at select US merchants both in stores and in apps.

Visa Token Service technology works by replacing sensitive payment account information found on plastic cards with a digital account number or “token” that can be safely stored on mobile devices and used for in-store and in-app purchases.

Visa will roll out the service to financial institutions in phases – initially supporting early participants in the Apple Pay launch, and then extending the service availability to all of its US clients.

Visa country manager for the Philippines and Guam Stuart Tomlinson said combining the trust, scale and security of Visa payments with Apple Pay would accelerate adoption of mobile payments.

“We said from the beginning that token services would provide great new consumer and merchant experiences, and you’re seeing it today in our efforts with Apple, and there’s more to come,” Tomlinson said in press statement released yesterday.

Apple Pay allows Visa cardholders to make purchases in some of the most highly visited stores and within apps on the App Store with just the touch of a finger, using the new iPhone 6, iPhone 6 Plus and Apple Watch.

Visa account holders will continue to receive all of the rewards, benefits and security offered by its credit and debit cards.

By enabling Visa account holders to also make purchases in store and in app with their new iPhone 6, iPhone 6 Plus and Apple Watch, consumers will now have a seamless experience with their preferred form of payment.