Visa has closed the proposed acquisition of Rambus’ token services and ticketing businesses, previously called Bell ID and Ecebs.
The companies signed a definitive agreement for the acquisition in June this year. Financial details of the deal were not disclosed.
Visa will leverage the acquired technology to expand tokenisation capabilities beyond its cards to domestic card networks, account-based and real-time payments.
The card giant will combine its Visa Token Service with Rambus’ account tokenisation technology. The combined service is expected to reduce fraud.
In addition, the integrated Visa Token Service will bring secure payments via tokenisation technology to more retailers, financial institutions and transport operators, noted Visa.
The acquisition will also help Visa to provide its tokenisation services in new markets with localisation requirements, including the 28 markets where Rambus currently has a presence.
A statement from Visa read: “Beyond tokenisation, the digital ticketing portfolio and expertise in transit from Rambus complement Visa’s commitment to delivering global transit and mobility solutions to public transit operators, technology partners and cities around the world.
“The combined efforts will foster delivery of more convenient, seamless transit ticketing experiences to consumers and transit organisations to expand Visa’s existing mobility solutions.”
Rambus president and CEO Luc Seraphin added: “We’re excited to have found an acquirer that will provide the payments and ticketing businesses a platform for continued success.”