Visa Token Service Acquired by Eleven New Partners for Enhanced Consumer Confidence in the E-Commerce Space

Visa Token Service Acquired by Eleven New Partners for Enhanced Consumer Confidence in the E-Commerce Space

Today, Visa the world’s leader in digital payments, announced that 11 new European partners will implement the Visa Token Service (VTS), to create a more secure shopping environment for customers who store payment details on file with their favorite merchants.

Visa Token Service makes online shopping more secure for consumers by removing the sensitivity of account information, which makes merchants less of a target for hackers, limiting the risk of and data breaches.

The adoption of Visa Token Service by partners across Europe highlights how the industry is responding to consumer concerns around online security. Visa is continuously aiming to drive innovation in the payments ecosystem. In addition to enhancing security, expired or compromised payment credentials can be seamlessly updated in the background by the financial institution, eliminating a significant point of friction for consumers and merchants.

Visa Token Service was launched in 2014 as part of its ongoing commitment to the growth and security of e- and m-commerce. Since that time there has been a significant uptake, with new companies including merchants, acquirer gateways and technology companies joining the program.

Mark Austin,  Executive Director, Product Solutions Europe, Visa explains: “Visa is committed to making the e-commerce experience as safe, secure and simple as possible for everyone in the ecosystem.  By integrating Visa Token Service, merchants and payment gateways no longer have to store sensitive account data, greatly reducing fraud risk for consumers who save their card information to mobile devices, mobile apps or eCommerce merchants online. This will help make e-commerce payments safer while also creating a frictionless payment experience for consumers.”

New partners adopting the program do not need to wait for individual certification approval and can launch their token-on-file initiative quickly and easily.

“As the first acquirer to integrate with the Visa Token Service for all our global markets, we are thrilled to also confirm our readiness for European based merchants,” said Edgar Verschuur, head of global acquiring, Adyen. “We have already seen a strong performance with the processing of network tokens globally. Through our direct integration with the Visa Token Service, we now give our merchants a zero-effort and safe way to enhance the stored payment credentials of their shoppers. This does not only help improve authorization rates but also reduces involuntary churn.”

Jonathan O’Connor, Chief Commercial Officer of Secure Trading Group: “The security of the funds we process for merchants is our top priority, and the Visa Token Service will help us to greatly enhance the way that we achieve this. By removing the friction point of handling sensitive data on our gateway, we are able to further fortify our systems against fraud risks. Visa has long been a market leader in terms of payments innovation, and we’re delighted to benefit from the latest in card-on-file tokenization.”

Didier Brouat, CCO of MONEXT, said:  “Monext looks forward to offering Visa tokenization as proof of our commitment to always offering more simplicity, efficiency and protection to both merchants and consumers.”

Visa Token Service replaces consumer account information such as the Primary Account Number (PAN) and expiry information with a unique digital identifier or “token” so that sensitive data is never shared. Plus, tokens can be restricted to work only with a specific merchant, adding yet another layer of security to digital payments.  For consumers, this enables a more secure and convenient payment experience, while for merchants it reduces the numbers of declines as the transaction cannot be held up by expired payment credentials.

Source: https://www.the-blockchain.com/2019/05/23/visa-token-service-acquired-by-eleven-new-partners-for-enhanced-consumer-confidence-in-the-e-commerce-space/

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