Visa has announced 20 new Visa Token Service partners who will help scale tokenisation to their thousands of merchant clients and millions of customers.
Visa stated that the commercial expansion of the Visa Token Service for credential-on-file (COF) token requestors, has marked a major milestone towards further securing consumer payments in the digital channel.
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Furthermore, with this expansion, acquirer gateway and technology partners joining are:
- Adyen,
- AsiaPay,
- Braintree,
- Checkout.com,
- Cherri Tech,
- CyberSource,
- Elavon,
- Ezidebit,
- eWAY,
- Fit-Pay,
- Giesecke & Devrient,
- PayPal,
- Payscout,
- Rambus,
- SafeCharge,
- SecureCo,
- Square,
- Stripe,
- Worldpay and
- YellowPepper
Tokenisation boosts security
The Visa Token Service is built on top of the EMVCo Payment Tokenisation Standard. The services offers an added layer of security by using tokenisation. Furthermore it replaces sensitive cardholder information, such as account numbers, with a unique ‘token’ that can be used for payments without putting the customer’s details at risk.
In addition to enhancing security, expired or compromised payment credentials can be updated quickly and securely in the background. Moreover, this completely eliminates friction for consumers and merchants.
Senior vice president of digital payment products at Visa, Ansar Ansari stated:
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By GlobalData“Today, we welcome 20 partners into the Visa Token Service who will help scale tokenisation to their thousands of merchant clients and millions of customers around the world. Moreover, this opens up a world of possibilities for our merchants and partners to further evolve and innovate in digital payments.
“Making digital transactions even more secure is one of Visa’s biggest priorities. Working with Visa, these partners will help secure cardholder data and make digital payments safer, resulting in frictionless digital commerce experiences for consumers.”
In addition, President of North America for Adyen, added:
“Adyen is excited to be the first acquirer in the payments ecosystem with in-market solutions to support and offer Visa Token Service to our global merchants.
“In addition to improving security, Visa network tokens through Adyen will allow our merchants with cards on file to reduce involuntary churn and improve authorisation rates without any additional work on their part.”
Furthermore, since the launch of the Visa Token Service in 2014, Visa has added over 60 global token requestors.
