Tomahawk, WI 09/10/2014 (Basicsmedia) – Apple Inc. (NASDAQ:AAPL) and Visa Inc. (NYSE:V) have made their intention known of pursuing the mobile payment platform that has in the recent past  turned out to be lucrative in terms of high growth potential. Safety of customer’s data remains the main goal of the new transaction platform according to Visa’s President, Ryan Mcinerney, in an interview on CNBC.

The new service called ‘Visa Token’ will allow users to add Visa Inc. (NYSE:V)’s debit and credit cards into Apple’s new payment system ‘Apple Pay’ and be able to make secure purchases on select U.S merchant stores.

“We announced Visa Token service today, which is a new platform and capability that enables our partners to launch new and innovative payment capabilities like the one you heard Apple announce today and ensure that every time a consumer uses it; it is a very safe and secure transaction, said Mr. Mcinerney.

Visa Token technology replaces the traditional sensitive payment account information that is common with most plastic cards with a digital account or ‘token.’  Mcinerney reiterated that the service is not only limited to Apple devices, but plans are underway to ensure the service is launched in other financial institutions in phases.

“The Visa Token is a capability that we have built for all of our partners. Apple Inc. (NASDAQ:AAPL) has embedded it as the core of the service that it launched today, but we are working with issuers and partners and merchants, and we will be working increasingly with those partners around the world to help launch additional payment services, “said Mr. Mcinerney.

Visa Inc. (NYSE:V) new payment system offers some of the highest levels of security in the sense that it does not carry consumer’s payment account details; meaning they can be’ stored by online merchants for e-commerce and mobile payments. Users of the new service will be entitled to rewards as well as benefits currently offered on Visa Credit and Debit Cards.

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