TD Bank adopts Visa's secure tokenization technology
TD Bank Group has adopted Visa's global standard tokenization technology for its TD app for the Android operating system.
The tokenization technology, powered by Host Card Emulation (HCE), will improve the security of the bank’s customer by substituting sensitive account information with encrypted ‘tokens’ during mobile payment transactions.
The transition to tokenization obviates the need for smartphone owners to go to their carrier and get a NFC SIM Card.
The bank said that its clients can download the updated TD Bank app, which available on Android phones running 4.4 and above. After adding their Visa card to the app, customers can start making payments for goods and services with their mobile device.
TD chief digital officer Rizwan Khalfan said: “The adoption of Visa’s tokenization solution allows us to deliver a faster, simpler, and more accessible mobile payments experience, backed by a secure technology developed by a global leader in payments.”
Visa Canada head of technology and digital innovation Derek Colfer said: “Visa Token Service provides a secure environment for mobile commerce, allowing consumers to shop seamlessly and with confidence using their devices.”