Visa: Issues 12.6 Billion Network Tokens

Visa has issued more than 12.6 billion network tokens, shifting card issuance away from physical plastic toward device-locked credentials that boost approval rates by 4.6% and cut fraud by 30% on card-not-present transactions. The network replaces the 16-digit card number with a token tied to one device and channel while the real number stays vaulted, allowing seamless updates on expiry and separate tokens for rings, phones, and virtual cards. This payment tokenization shift now positions wearables as just another provisioned token, with the real competition centering on provisioning speed and default wallet status.