Continuing its development of financial technologies on its platform, social media firm Facebook has joined a Visa program that enables the network to access its Token Service for payments, Visa announced today.
Facebook is joining the Visa Digital Enablement Program, which allows clients to more easily integrate and use the company’s digital technologies, including, as mentioned, its token services.
Tokenization is a method of payment security wherein personal financial details, such as a card number, are replaced by a digital, more secure “identifier” or token for payment use. Mastercard, along with several other payment processors, also makes use of the technology for digital payments.
Use of that service will allow Facebook to better offer digital payments on its platforms, a key development should the social media service (which also manages Facebook Messenger and Instagram, as well as a few other applications) seek to expand its list of enabled financial technologies.
Read more at Visa and BusinessWire.