The new partners will help Visa protect
millions of additional digital payments from fraudsters and reduce
friction for merchants and consumers
Visa Inc. (NYSE:V) today announced that 28 new partners will be
joining Visa Token Service as credential-on-file (COF) token
requestors. These new partners will help make digital transactions
more secure by tokenizing both one-time and recurring payments made
with Visa credentials. Tokenization replaces a cardholder’s
16-digit Visa account number with a token that only Visa can
unlock, protecting the underlying card number from fraudsters.
New partners joining Visa Token Service include acquirer gateway
and technology partners Assist, Aurus, BlueSnap, Braspag,
Bambora, DPO PayGate, eComCharge, Fat Zebra, eGHL, Infinitium,
iPay88, iVeri, LiqPay/PrivatBank, Mail.ru, Moneris,
One Inc., Omise, Payture, Payvision,
Portmone.com, RBK.Money, Spreedly, Tickets Travel Network
EESTI, Tranzzo, walletdoc, WayForPay, Windcave, and
Yandex.Money. Once certified, these 28 partners will be able
to tokenize credential-on-file digital payments on behalf of their
merchant and payment clients for an additional level of
security.
In addition to enhancing security, tokenization also helps
reduce friction in the payment process, because customers do not
have to manually update stored card information if their Visa card
is lost, stolen or expires. Instead, financial institutions can
automatically update expired or compromised payment credentials.
This can reduce missed payments for merchants, and help consumers
avoid unwanted late payment fees or charges.
More than two-thirds (69%) of US consumers choose to store a
card-on-file or have recurring billing set up with merchants1.
Increasingly, these merchants are choosing tokenization to make
their customers’ online shopping and recurring digital payments
less susceptible to fraud, with Visa adding more than 150 token
requestor partners to Visa Token Service in the last five
years.
“Consumers are shifting more rapidly than ever to digital-first
commerce, no matter what they’re buying, and tokenization is one of
the most effective tools Visa uses to fight fraud and improve the
digital payment experience,” said Ansar Ansari, senior vice
president, digital payment products, Visa. “We’ve seen a fraud
reduction rate of 26% for digital transactions processed through
Visa Token Service compared to traditional online card
transactions2. That’s impressive, and these new partners will only
add to the momentum.”
The expansion of Visa Token Service comes as the service has
achieved rapid growth for its credential-on-file (COF) tokenization
efforts, with more merchants and retailers moving to adopt the
secure technology. Since the launch of the Visa Token Service in
2014, Visa has added more than 150 global token
requestors—including mobile and wearable manufactures, issuer
wallets, online merchants, payment service providers and
acquirers—from 137 markets onto the token platform. Visa recently
announced participants in Visa Token Service (VTS) are estimated to
process a combined digital payment volume of $1 trillion3, marking
a significant opportunity in its efforts to make digital payments
more secure.
The addition of these new acquirer gateways and token requestors
will bring additional scale globally and support Visa’s commitment
to security and convenience of online and mobile payments from both
traditional eCommerce as well as credential-on-file
transactions.
Comments from Partners:
“Assist Belarus is interested in providing its customers with
the best services in the field of Internet acquiring,” said
Vyacheslav Senin, Director, Assist Belarus. “We’re proud to be
partnering with Visa, leveraging Visa Token Service in order to
provide a new level of protection for digital payments. The
technology will help protect transactions by replacing confidential
payment information with a unique digital token.”
“Aurus has been working with Visa to introduce features and
products to Aurus Merchants and consumers that help shoppers enjoy
simple and secure checkouts along with enhanced security,” said
Rahul Mutha, Founder and CEO of Aurus. “Visa Token Service is one
such feature that helps merchants protect the underlying sensitive
payment information, thereby leveraging the AurusPay unified
commerce that provides these powerful touchpoints for a merchant to
transact with their consumer.”
“Visa Token Service addresses three key needs of ecommerce
merchants: increased payment conversions, greater security and
reducing friction from the card user experience,” said Ralph
Dangelmaier, CEO, BlueSnap. “We are excited that it will now be
part of BlueSnap’s All-in-One Payment Platform.”
“Bambora is pleased to partner with Visa to help bring the Visa
Token Service to market for businesses and consumers,” said Anne
McDonnell, APAC Managing Director, Bambora. “As consumers, many of
us have experienced the challenge of updating card details in
multiple platforms when a card becomes lost or expired. This latest
innovation by Visa will help Bambora merchants increase
authorization rates, while providing consumers with a more seamless
and secure customer experience - it's a win-win.”
“We at Braspag believe that security is a key element in the
payment experience,” said Rogério Signorin, General Manager,
Braspag. “Combining security, convenience and simplicity with
innovation is part of our mission and tokenization helps to deliver
these to the e-commerce market. There are still many opportunities
to expand digital business in Brazil and around the world and
Braspag will certainly continue to contribute to the growth of this
sector.”
“We are excited to join the Visa Token Service program as a
Token Requestor – Token Service Provider,” said Alexander
Mihailovski, CBDO, eComCharge LLC. “Participating in the program
will allow us to make payment acceptance in e-commerce more
convenient, fast and secure for all participants of the
transaction. We are pleased to become a Visa partner.”
“Since day one, Fat Zebra has been about building a payments
ecosystem with partners who can accelerate our customers’
ambitions. We’ve always been committed to protecting every dollar
our merchants process with us by offering world-class fraud
solutions and tokenization products,” said Pred Dragila, CEO, Fat
Zebra. “Continuing to deepen our partnership with Visa gives us
even more confidence in our merchants’ ability to deliver a great
customer experience - all over the world. Fat Zebra merchants who
use our implementation of the Visa Token Service can start
protecting their customers’ data right away. The speed and accuracy
is a huge deal for our merchants.”
“With increasing use of mobile smart devices and mobile
commerce, new payment technologies are streamlining payment
processes to deliver the best customer experiences that are
seamless, simplified and secured,” said Danny Leong, Group CEO,
eGHL. “GHL is honored to partner with Visa on VTS adoption in
Southeast Asia, helping to transform the banking and e-commerce
landscape in the region. Once online, over 2000 eGHL merchants from
various industries will benefit from the technology.”
“Infinitium is pleased to act as a Visa Token Requester-Token
Service Provider,” said Ho Ching Wee, Founder and Group Chief
Executive Officer, Infinitium. “This partnership with Visa allows
Infinitium to support Visa VTS as well as enhance our various
payment systems for acquirers and merchants. Infinitium is
committed to powering digital payment convergence and driving
impact to the world with more secure and seamless services.”
“Securing transactions between our merchants and online shoppers
has always been our top priority,” said Mr. Lim Kok Hing,
Co-Founder and CEO of iPay88. “iPay88 is proud to be a partner of
Visa Token Service and work together in ensuring a more secure,
optimized and seamless payment experience for our customers. We
believe in digitalization and are responsible for providing a
secure and optimized payment ecosystem to our merchants.”
“Assisting merchants to achieve the best possible security is
always a priority at iVeri,” said Barry Coetzee, CEO, iVeri Payment
Technology. “So leveraging Visa Token Service to provide an
end-to-end tokenized transaction was an easy decision for us.”
“Keeping cardholder data secure while ensuring our merchants
have peace of mind when using Moneris Vault for card-on-file
requirements has always been our priority,” said Patrick Diab,
Chief Product Officer at Moneris Solutions Corporation. “Visa Token
Service increases the layers of security within Moneris Vault. The
ability to request a token from Visa and then provide that within a
Moneris token for merchant authorization, allows merchants to
benefit from the combined security and value added services offered
by Moneris and Visa.”
“We are excited to offer the Visa Token Services to Omise
merchants across Southeast Asia in the future,” said Anuchit
Chitpirom, Chief Operating Officer, Omise. “This move reinforces
our commitment towards consumer and merchant protection, as well
our ability to provide a better, more seamless consumer shopping
experience. Dynamic updates of credentials when a card is lost,
stolen or expired helps ensure uninterrupted service for end
consumers and improved authorization rates for our merchants.”
“One Inc. is excited to support and offer Visa Token Service to
our customers in the insurance industry,” said Avin Arumugam, Chief
Product Officer, One Inc. “For insurance companies, payments are
the primary touchpoint in the policyholder's journey, either
creating tremendous loyalty to a brand or negatively impacting
retention. By collaborating with Visa, we’re enabling our customers
to be confident in both the highest level of security and a modern,
frictionless payments experience.”
“Online payments have become an indispensable tool for
businesses and it is very important to make them as accessible and
secure as possible, both for buyers and sellers. At Payture, we are
confident that tokenization will continue to be an integral part of
the digital payment experience,” said Anna Salomatova, Chief
Commercial Officer, Payture. “We are pleased to become a part of
the global industry transformation process and are excited to be
one of the IPSPs implementing Visa Token Service in Russia. We
believe that this is a big step for the entire eCommerce community
in Russia and the CIS, and will make online payments more
convenient and secure for all market players.”
“By adding Visa’s network tokens, Payvision enhances its
existent tokenization solution with an additional layer of security
for effective fraud prevention,” said John Snoek, Chief Product
Officer, Payvision. “Through VTS we enable a no-effort option for
our merchants to provide more secure and seamless payments and a
simplified shopping experience. E-commerce and in-app channels,
especially for ‘Card-on-file’ transactions, will see a higher
authorization rate and improved conversions.”
“Portmone.com is excited to support Visa Token Service and offer
it to merchants, users and bank-partners in Ukraine and other
markets across the CIS SEE region,” said Sviatoslav Komakha, CEO,
Portmone.com. “Regular high-frequency payments in two clicks is the
core of our business model and VTS fits perfectly here with an
improved card on file experience, better security and higher
conversion rates.”
“PrivatBank is proud to launch card-not-present tokenization
that focuses on two important pillars: user experience improvement
and security level increase,” said Sergiy Kharitich, Chief Digital
Officer, PrivatBank. “Our company is sure that this technology will
help to develop eCommerce faster and will have significant positive
impact on consumers and all eCommerce industry players.”
“RBK.money aims to provide only the best solutions for the
developing digital payments market,” said Denis Burlakov, CEO,
RBK.Money. “Seamless approaches to financial services are a must
nowadays, and we’re glad to join Visa Token Service to give Russian
merchants new payment technology which can increase transaction
approval rates, improve security and the overall customer
experience.”
“Spreedly is very pleased to join the Visa Token Service
ecosystem,” said Justin Benson, CEO, Spreedly. “Our support will
help accelerate the adoption of this valuable offering for
merchants, enabling them to drive greater business flexibility,
revenue and security through our payment orchestration
services.”
“At Tickets Travel Network EESTI we have always regarded payment
security and continuous improvement of the user experience as of
paramount importance,” said Ihor Hrabovych, Management Board
Member, Tickets Travel Network EESTI. “That is exactly why we’re
leveraging Visa’s tokenization technology to increase information
security.”
“Tranzzo is excited to support Visa Token Service. By combining
Visa’s solution with our data protection tools, we’re enabling
merchants to reap the benefits of tokenization,” said Yan Klochko,
CEO Tranzzo LTD. “Our integration with VTS will bring merchants an
extra level of security and enhanced customer experience, while
making digital payments on their web platform even more
convenient.”
“walletdoc is excited to support and offer Visa Token Services
to our business merchants,” said Dan Wagner, Joint CEO, walletdoc.
“Through our partnership with Visa, walletdoc aims to provide
merchants with improved authorization rates, automatic card expiry
renewal and increased security with little, if any, additional work
on their part.”
“As a popular PSP in Russia, Yandex.Checkout is proud to offer
clients heightened security and reduced friction in the customer
experience through our extended partnership with Visa,” said Yulia
Gorelova, head of payment business at Yandex.Money (parent company
for Yandex.Checkout). “As a token requestor in Russia, we expect to
provide new opportunities for merchants in the region by reducing
friction in payment processes and card credentials storage.”
About Visa
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device,
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
1 Visa Transaction Data, Rolling 12 month ending September 2018,
Issuer region: US2 Visa Transaction Data, April-June 2018, Issuer
region: US 3 This figure is a combination of actuals and PV
estimates reported by Visa
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200513005236/en/
Andy Gerlt Visa Inc. +1 (415) 805-5153 agerlt@visa.com
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