NFC Times Exclusive Insight – Toronto-Dominion Bank, one of Canada’s largest banks, is the first in the country to adopt Visa's tokenization technology and the third outside the U.S. that have been announced so far using the payment scheme’s tokenization service.
TD Bank Group in Canada is using the Visa Token Service, or VTS, for its new HCE mobile payments service, announced earlier this month. Visa is pushing VTS and appears to be trying to phase out a competing technology, alternate PANs, which is being used by most banks for their HCE-based services.
Visa also is apparently providing TD with some HCE services, such as provisioning of limited-use keys to the TD mobile app, although Visa Canada told NFC Times that this, along with help in identification and verification of TD customers enrolling in the new mobile payments feature, is all part of the VTS service that Visa is providing.