Worried about making payments via Facebook? The social network’s latest alliance may ease your mind a bit.
Facebook joined the Visa Digital Enablement Program, and the social network will use the Visa Token Service to accelerate the availability of secure payment-enabled services across its digital properties.
In a press release announcing the addition of Facebook, Visa described the Visa Token Service as a security technology that replaces “sensitive payment card account information”—16-digit account numbers, expiration dates and security codes—with a token, or a “unique digital identifier” that can be used to process payments without revealing account details.
The financial company added in the release, “By joining VDEP, Facebook is able to offer its payments solutions to businesses, payments processors and financial institutions that utilize the Visa Token Service in a convenient and scalable manner and without a complex set of contractual agreements or technology integrations, ultimately helping to accelerate the availability of payments and commerce-related services for people using Facebook around the world.”
And Visa executive vice president of innovation and strategic partnerships Jim McCarthy said, “Being able to offer people a safe, simple and consistent purchasing experience, regardless of where they are and what device they are using, is increasingly critical and is what VDEP is designed to do for a global technology company like Facebook. Simplifying the relationship between a global technology company and the financial institution clients already utilizing our token services is what VDEP is designed to do—it’s an essential part of ensuring that these in-demand experiences can be delivered to people as quickly as possible.”