Ansar Ansari, senior vice president, digital payment products, Visa

Visa has partnered with as many as 20 more technology firms to scale up its tokenisation service, expanding its presence in secure digital payments space.

Visa said that PayPal, SafeCharge, Worldpay, Square, Fit-Pay, Ezidebit, Giesecke & Devrient, CyberSource, Cherri Tech, Adyen, eWAY, YellowPepper, Rambus, Checkout.com, Elavon, SecureCo, AsiaPay, Braintree, Stripe and Payscout will be able to tokenise credential-on-file digital payments on behalf of their merchants and customers.

Ansar Ansari, senior vice president, digital payment products, Visa said, “Today, we welcome 20 partners into the Visa Token Service who will help scale tokenisation to their thousands of merchant clients and millions of customers around the world. This opens up a world of possibilities for our merchants and partners to further evolve and innovate in digital payments.”

The Visa Token Service, that was formed in 2014, has added over 60 global token requestors from 40 markets onto the token platform. Ansari added that the new partners will help secure cardholder data and make digital payments safer, resulting in friction-less digital commerce experiences for consumers.

The service adds another layer of security by replacing sensitive cardholder information like personal account numbers and expiration dates with a unique digital identifier or token which can be used for payment without exposing such data. It also allows updation of data in the background by financial institutions. The system also replaces any Visa card number to guard against data breaches at the merchants’ end.

Kamran Zaki, president, North America, Adyen said, “In addition to improving security, Visa network tokens through Adyen will allow our merchants with cards on file to reduce involuntary churn and improve authorization rates without any additional work on their part.”

Asif Ramji, chief product officer, Worldpay said, “Worldpay merchant partners who take advantage of our implementation of the Visa Token Service do not need to wait for individual certification and approval to begin protecting their customers’ data.”

 

 

by Parnika Sokhi
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