Paysafe enhances security & payment continuity with Visa Tokens
By Gloria Methri
Global payments provider Paysafe has announced the integration of Visa Network Tokens into its European operations, in a bid to enhance transaction security and continuity for merchants and consumers.
This enhancement is designed to replace traditional card data with secure tokens that dynamically update card details, particularly benefiting subscription-based services through an uninterrupted payment experience.
These Visa-generated network tokens are securely transmitted and stored by Paysafe in lieu of card PANs, reducing the risk of fraudulent activities due to data breaches or man-in-the-middle attacks.
The integration allows merchants to access the Visa Network Tokenisation Service through Paysafe’s Single Payments API, providing enhanced security when conducting customer-initiated payments, merchant-initiated payments, refunds, original credit transfers, and standalone credit transfers within Europe.
Daniel Fagan, SVP of Product, Merchant Solutions, at Paysafe, said, “As eCommerce continues to grow and transactions increasingly take place online, offering consumers a smooth and secure payment experience is key to customer retention. We are proud to work with Visa to provide this value-added network tokenisation service to our merchants, integrating an extra layer of protection for their customers and significantly enhancing their payment journey.”
Mehret Habteab, SVP of Product & Solutions Europe at Visa added, “Visa Network Tokens help deliver compelling digital payments experience that can help reduce fraud and increase authorisation rates by 5%. We are excited to collaborate with Paysafe in Europe, to allow people and businesses to benefit from this easier and more secure way to pay.”
With over 20 years of online payment experience, an annualized transactional volume of over $130 billion in 2022, and approximately 3,300 employees located in 12+ countries, Paysafe connects businesses and consumers across more than 100 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics, and the convergence between brick-and-mortar and online payments.
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