Digital transactions are quite in the game these days carried out via digital payment cards of which Visa is one of them. Visa offers officially authorized credit cards. You can also buy Visa gift cards with PayPal and other modes of payments. Now recently, it has introduced Visa Provisioning Service to its several existing features.
You can use the Visa Provisioning Service to perform mobile payments. However, your device must be either connected to NFC technology or transmit the data wirelessly via Bluetooth.
What Is Visa Provisioning Service?
Visa Provisioning Service has been one of the greatest developments in innovative technology. As we all know, Visa is a payment service provider that is quite reputable and serves to the greatest end to all individuals.
Whether it is for personal use, businesses, or the government, the Visa Provisioning Service has been a boom easing the payment processes with great flexibility. You can connect your NFC-enabled devices to the Visa payment accounts through the NFC authorized chips.
Near Field Communication allows the users to initiate safe and secure transactions and connect the electronic devices. The provisioning system that is under our discussion is purely based on this NFC technology, the same as any contactless payment methods such as Apple Pay at stores.
The merchants can use the Visa tokens to authorize their transactions that are cardless through mobile networks.
If you are still thinking, Visa Provisioning Service secures your credit cards from unauthorized purchases and creates a $0 charge on your transaction statement. Employing such mobile payment services can significantly help businesses and merchants.
Visa Provisioning Service Fees is $0 authorization on your account. However, service fees for issuing the visas can show up on your bills.
Moreover, it provides you with an easy-to-use system and also offers top-tier security. The zero-dollar Visa provisioning works with the card number and does not even retain any funds. All you have to do is use the zero-dollar authorization to verify the validation of the card numbers.
How Visa Provisioning Service for Mobile Payments Works?
Payments are a great deal of ease these days where you can skip the extra hassle of paying by cash. Several mobile banking apps cater to this service. Visa cards are linked to certain mobile applications through which you can make purchases.
Before you begin with using Visa Provisioning Service for mobile payments, its prerequisite is that your device is capable of transmitting the data wirelessly i.e., through Bluetooth or in another case via the near-field communication technology.
Visa provisioning service has revolutionized the market of these mobile payments and reduced credit card thefts and other associated payment fraud. You can activate the mobile payment service on your smartphone as it is expanding with every passing day.
To begin with, you must have an NFC chip inculcated in your mobile’s hardware. Once done, you simply need to bring in contact with the NFC terminal and your device.
The e-money reader only requires your fingerprint, the security PIN, or a password to initiate the transaction.
How To Perform Payment Tokenization through Visa Provisioning System?
Tokenization system is now the common concept used by various businesses. These eliminate the need for you disseminating your personal bank information to complete the transaction
The tokenization service not only helps in improving customer security and loyalty but also protects from any kind of credit card fraud.
Traditionally, what happens is that when you are making any purchase, you have to provide your card number to the retailer. On the contrary, the Visa Token Service substitutes your 16-digit card number with a unique identifier referred to as the token.
The zero-dollar charges that you might see on your transaction statement are because of the Visa Token Service protecting your credit card information.
The tokenization helps you take care of the e-commerce transactions whenever you are paying with your credit or debit cards for in-store and online purchases as these are perfect tools for protecting your information without being vulnerable to leakage.
How are Tokens Used?
Now that you know how the tokenization works, let us walk you through the entire process on how you can make use of these tokens:
- Initially, you have to start with the payment either online or in-store.
- The payment provider then passes your token to the merchant as a vital part of the authorization request.
- As soon as the acquirer receives the token, it sends it back to the Visa network.
- To authorize the transaction, Visa routes the token and payment details of your card.
- The transaction is either accepted or declined by the bank before they return back to the Visa with the final decision.
- Merchant then receives the token along with the payment.
- This allows you to make payment without displaying your personal bank information at any platform.
How To Apply for Visa Provisioning Service?
Many digital wallet services and the online retailer platforms are utilizing the tokenization process to encrypt the sensitive information of your accounts. Here is how they take care of the whole process:
- First, you enroll the Visa account you have with any of the digital payment services you are using.
- Here, you need to enter all the information including your account number, security code, name, address, CVC, and other relevant details.
- Once done, the digital payment service contacts Visa and requests them for a payment token for your registered account.
- The Visa then shares the token request with the account issuer which is mostly your Bank.
- As soon as the request is approved, your primary account number gets replaced with your Visa.
- Lastly, tokens are assigned to your transaction and then Visa shares it with the token requestor.
What Is The Method To Complete The Transaction Using Visa Provisioning Service?
Visa Provisioning Service assists you in handling the mobile payment processes using Visa. To complete your transaction through this, here is what you need to do:
- Using your smartphone, kindly enter all the required information which includes the card information, zip code, and other relevant details.
- If you are an Apple user, you can do it via Apple Pay.
- Click on the Apple Pay icon located right at the bottom of your screen.
- Follow the prompts where you will have to complete the identification verification process.
- As soon as you verify your identity and further information through the biometric security system, your transaction gets completed.
What Companies Use Visa Provisioning Service?
With the rapid increase in provisioning services and tokenization, many companies have introduced this to get a better future. This machine-to-machine service allows you to seamlessly complete the mobile payment processes.
So many frauds and threats have been great havoc for people around the internet. The primary reason for companies and businesses introducing this Visa’s fantastic technology is the protection of your details.
It alleviates credit card thefts and you no longer have to keep providing card information from one source to the other.
Some of the many companies embracing the newest and safest technologies are:
- Macy’s Inc
- Pioneer Services
- Google (US Google Pay)
- Sony PlayStation store
- Dell financial services
- The Home Depot Credit
- Card Company
- Citibank Mobile
- Banking Apps
- Chase Bank USA
Is Visa Provisioning Service Legit?
Visa Provisioning Service does not compromise on privacy and security and has revolutionized the mobile payment market. Many merchants and customers have started adopting this cardless payment service which is quite a game-changer.
You can utilize the Visa Provisioning Service anytime you want if your payment details are already registered.
When registering, you do not have to provide any personal card information other than that of the email address. This way, it also offers data encryption, security PIN, and biometric authentication followed by cardless payment between merchants and customers.
Before You Go
Visa Provisioning Service has become a great choice even for the direct deposit companies since they use it for the validation of your account before depositing your paycheck. In addition to offering you to pay online with checking account, several online e commerce companies have shifted towards using the tokenization procedure.
The tokenization carried out via the Visa is the next huge development and elevation in the mobile payment niche allowing fast and secure payments on several platforms. Visa Provisioning Service is commendable. It also assists in downloading all the payment details of the transactions just in a few clicks on your mobile phone.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.