Paysafe has announced the extension of its collaboration with Visa. The partnership will integrate Visa Network Tokens, as an alternative to primary credit and debit card account numbers. The new Network Tokenisation Service adds an additional layer of protection for cardholders without impeding the user journey, resulting in a seamless payments experience and higher authorisation rates.
Visa Network Tokens update expired card numbers in real-time, eliminating unnecessary declines and ensuring recurring payment subscriptions remain uninterrupted. These Visa-generated network tokens are securely transmitted and stored by Paysafe in lieu of card PANs. This reduces the risk of fraudulent activities due to data breach or man in the middle attacks.
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Paysafe and Visa are adding enhanced security to payments
In 2022 Paysafe had an annual transactional volume of over $130bn and originally formed a partnership with Visa in 2019. Recently Paysafe outlined what to expect in the future of AI in the payments industry. This new 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 Product, Merchant Solutions, at Paysafe, commented: “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 Product & Solutions Europe at Visa added: “Visa Network Tokens help deliver a 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.”
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