11 December 2017
visit www.aciworldwide.com

Visa Europe expands tokenisation service

16 February 2016  |  15652 views  |  1 Woman sitting in mall texting

Visa Europe is opening up its tokenisation service, letting banks, retailers and tech firms use the technology for a host of new payment options.

Tokenisation replaces the traditional 16-digit Visa account number with a unique series of numbers, helping to prevent exposure of sensitive consumer account information in online and mobile payments.

Trumpeted by Visa as a key new tool in the fight against fraud, it arrived in Europe a year ago, having already been introduced in the States for the launch of Apple Pay.

The expansion of the Visa Europe Payment Tokenisation Service will let firms integrate the technology into services where payment credentials are stored in the cloud, such as banks’ own mobile payment apps, and wearable and other ‘connected’ devices. Tokenisation will also come to browser-based wallets and retailer-specific checkout offerings such as Visa Checkout; and the card on file payment options used by online retailers.

By widening Visa Europe’s support for mobile payment relying on the storage of credentials on devices, the firm says it will enable more players to develop new ways to pay.

Sandra Alzetta, executive director, product enablement, Visa Europe, says: "By 2020, our projections are for one in five consumers to pay for items using their smartphone on a daily basis and for payments on mobile or tablet to account for more than 50% of Visa transactions.

"By expanding our service to make tokenisation available to our client banks through a number of new technology partners, consumers will have access to all manner of fantastic new payment experiences accessible through their mobile phones, tablets and all manner of other ‘connected’ devices."
KeywordsE-COMMERCE

Comments: (1)

A Finextra member
A Finextra member | 17 February, 2016, 12:45 Great idea. Someone needs to remind the exec director that in a visa presentation three years ago it was going to be 60% not 50%. So they have gone backwards in three years?
1 thumb up! 1 thumb up! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.atos.netvisit www.aciworldwide.com

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18246 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11149 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
7115 views comments | 13 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6507 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
5907 views comments | 5 tweets | 12 linkedin

Featured job

Find your next job