TORONTO, March 3, 2016 /CNW/ - TD Bank Group (TD) today announced it is the first Canadian financial institution to adopt Visa's global standard tokenization technology for its TD app for the Android operating system.
Powered by Host Card Emulation (HCE), this tokenization technology provides TD customers with enhanced security by substituting sensitive account information with encrypted "tokens" during mobile payment transactions. An additional benefit to moving to this new solution is a more seamless user experience to set up and begin using mobile payments, in a matter of seconds.
"We continually look for opportunities to elevate the digital experience for our customers," said Rizwan Khalfan, Chief Digital Officer, TD. "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."
An evolution in mobile payments technology, the move to tokenization means this service is not SIM card or carrier dependant, so it can be used on more phones and by more TD customers. All that is required is a personal TD credit card loaded on an Android phone running on Kit Kat (version 4.4) or higher.
An Android widget is also available, for the first time, to allow for quick and convenient one-button access to launch mobile payments within the TD app.
"We congratulate TD on this significant milestone," said Derek Colfer, Head of Technology and Digital Innovation, Visa Canada. "Visa Token Service provides a secure environment for mobile commerce, allowing consumers to shop seamlessly and with confidence using their devices."
For more information and links to download TD app for Android, please click here.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 24 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank ®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 10.4 million active online and mobile customers. TD had CDN$1.2 trillion in assets on January 31, 2016. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
For further information: Nancy Vye, TD Bank Group, 416-308-5164, [email protected]