Spreedly and Visa team up to accelerate Network Tokenization adoption in Latin America
By Pavithra R
Spreedly, a leading payments orchestration solution provider, has announced a new initiative with Visa to launch a program to foster and grow the network tokenization adoption via Spreedly’s Payments Orchestration solution throughout Latin America.
Together, the companies will kick off in various countries, including a project in Argentina, and expand into other markets across the region soon.
When stored credit and debit cards expire or are out of date, they can’t be used to process transactions and impacts revenue and customer experience for merchants that store card information for subscriptions or ongoing purchases. Network tokenization addresses this challenge by protecting sensitive data, regardless of card brand or payment type and ensures that card credentials are updated seamlessly and securely when expired, resulting in reduced fraud and boosts overall success rates. Besides, network tokens are of great convenience for consumers as it eliminates the hassle of having to manually enter their card information repeatedly.
“With Latin America being one of the fastest-growing and most innovative regions for e-commerce, the need for a seamless and secure digital payment experience becomes crucial. Tokenization remains one of the most successful ways that Visa uses to fight fraud by removing sensitive payment information and helping increase approval rates. Today, more than half of Visa’s payment credentials in Latin America and the Caribbean are token ready, giving consumers added peace of mind when buying online or via their favorite mobile wallets,” said Ralph Koker, vice president of digital solutions for Visa Latin America & the Caribbean.
Spreedly connects to major card network tokenization services directly, providing a network token to be stored in Spreedly’s vault. The network token is stored alongside primary account numbers (PAN) in Spreedly’s vault for transacting with any combination of supported gateways and acquiring banks.
“This partnership builds on the foundation of customers that have already adopted Spreedly throughout Latin America as well as our mutual prospects in the region. The complexity of transacting in Latin America can be daunting. As merchants and platforms look to scale across the region, it’s vital that they are able to adapt their strategy to achieve the highest possible success rates. Spreedly supports network tokenization by provisioning evergreen network tokens from the major card networks, like Visa, that are compatible with any payment service provider. That gives our customers and prospects incredible flexibility to align their payments strategy with their business strategy. We are all very excited to be partnering with Visa to serve this high-growth market,” said Justin Benson, CEO of Spreedly.
Founded in 2008, Spreedly is on a mission is to welcome every payment participant via its secure, open, and flexible platform. Merchants, platforms, and marketplaces take advantage of its technology to leverage the best mix of payment gateways and services to support their digital strategies.
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