It is no news that digital payment methods are more popular nowadays than traditional ones. People love to scan the QR code to pay using their phones instead of taking out their wallets from time to time.
Regarding credit and debit card payments and digital payments using these cards, Visa has been a pioneer in the industry. The visa provisioning services are a machine-to-machine payment system that uses the Visa token service.
The Visa token service offers a single and secure authorization enabling cardless transaction. The visa provisioning services were created to keep Visa ahead of the competition. This article should give you a simple overview of this service.
What Is Visa Provisioning Service?
Visa provisioning services offer flexibility to the users of their services. The visa network is built upon the Visa network which adapts new technologies making payment easier for the users.
The merchants can bypass common challenges in accepting payments by using a tokenized Visa account in the Visa provisioning systems. The merchants can bypass some common challenges like –
- Fraud liability protection.
- Merchant acquiring costs.
- Also, customers’ liability to show their credit cards during purchase.
In short, visa provisioning services allow large online merchants to confirm the card information of the credit card holders and their identity. This service acts as a standard process that protects cardholders from fraudulent use of their sensitive information.
How To Use Visa Provisioning Services For Mobile Payments?
You must have a mobile device capable of transmitting data through Bluetooth or NFC (Near-Field Communication). This will allow the customers to purchase without using traditional credit cards or machines. Customers need to have NFC chips embedded into the hardware of their smartphones. However, older models of phones might need help to provide this service.
However, a customer needs to simply touch an eligible device to the NFC terminal to avail of the service. The NFC terminals are available in most of the store locations. Then, they will be prompted to give their fingerprint, PIN, and password and complete the transaction through the e-money reader.
How To Enroll For The Visa Provisioning Services?
If you want to enroll in the visa provisioning services, you must first download the app on your device. Then, they will need to contact their financial institution and activate the service on their device.
The service will use a secure passcode to authenticate the account of the users. It will exchange the security keys for unlocking the chip inside the user’s phone.
This process, also called tokenization, replaces the user’s account number using a token that the company generates to protect their customer’s sensitive information.
However, if you want to enroll yourself, here is the step-by-step process for that –
- First, enroll in a visa account using a payment service and fill out all the relevant account information. Also, you need to include the account number and the security code.
- Then the service provider will request Visa for a token for the account registered.
- Once the bank approves the request, Visa will replace the account number using a token.
- The token is shared and assigned to the transaction every time the payment is made. They use the token instead of the actual account number.
This process secures the users’ sensitive information and ensures the safety of information during payment.
Visa Provisioning Services Charges
The total charge for visa provisioning services was $0. The service charge reflects on your account history. A charge comes from the tokenized system. However, it helps you protect your information when it is used through online merchants, in-app purchase systems, in-store purchases, and e-wallets.
Is Visa Provisioning Service Safe?
Yes, Visa provisioning services save most customers’ credit card data. But, it does not store any sensitive data of the users.
Although they do not store any sensitive data, storing data itself threatens many users, especially businesses. This allows hackers to hack into the system and steal all of the customers’ data. It may result in damage to reputation which is impossible to repair.
However, merchants can use tokenized services that allow them to put forward fake numbers instead of sharing the actual numbers of cardholders. This can also prevent credit card fraud and hacks.
Frequently Asked Questions (FAQs):
I hope that you found this article helpful. However, here are some popular questions and answers that might be helpful.
Ans: Provisioning a card refers to the process of preparing and loading a payment card, such as a credit or debit card, with the necessary information to make transactions. This typically involves assigning a unique card number, expiration date, and security code to the card and linking it to a financial account.
Ans: In banking, provisioning refers to setting aside funds to cover potential losses due to loan defaults, credit card charge-offs, or other financial risks. This is a common practice for financial institutions and involves estimating potential losses and reserving funds to cover those losses. It is an important part of risk management in the banking sector.
Ans: The length of time it takes for a Visa provisioning service to complete can vary depending on several factors, such as the type of card being provisioned, the issuing bank, and the complexity of the provisioning process. While arriving through mail, the service takes roughly 10 to 14 days at best.
It is possible to see a charge even when you don’t remember making any payment or saving your payment info. You should reach out to your payment provider or bank for inquiries in such a situation. So, that was all you wanted to know about Visa provisioning services.
However, you can ask questions in the comment section if you have any additional queries. We will try to provide an answer as soon as possible.