During the Money2020 conference in Las Vegas, Visa has announced that it has integrated token technology into Visa Checkout, its e-commerce service used by merchants and consumers globally to make easy payments.
Making payments secure
Instead of inputting your credit or debit card information when making an online purchase, you’ll receive ‘‘a unique digital identifier that can be used to process payments without exposing actual card account details.’’
Visa is also going one step further by working with merchants to ensure that ‘cards-on-file’ will be tokenized in the near future. This is where merchants store customer account numbers onto their systems in order to facilitate repeat payments, such as subscriptions.
Since its launch in 2014, more than seven million users have signed up for Visa Checkout accounts. More than 250,000 large and small merchants and over 470 financial institution partners now offer Visa Checkout globally.
‘Transformative year for payment security’
Recently Payment Eye reported that Brazil has become the latest country to accept Visa Checkout, becoming the fifth South American country to use the service.
“Our goal is always to make payments fast, easy and secure,” said Sam Shrauger, Visa’s senior vice president of digital solutions.
‘‘This has been a transformative year for payment security with new technologies that bring added protection to consumer accounts while shopping in-store and in-app, and now online, too,” continued the SVP.
Visa isn’t the only company to integrate tokenized security recently. Eftpos Australia has selected cloud-based mobile transaction firm Bell ID to provide them with a tokenization platform which will reduce the number of payment security breaches.
Mastercard partners with Apple on Apple Pay’s Spain launch and rolls out selfie payments in Latin America
The American tech giant has launched its mobile payment service, Apple Pay, in Spain, partnering with Mastercard, Carrefour and American Express.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.
ING has announced that it is scrapping Twyp, its peer-to-peer payments app, in the Netherlands following negative feedback from its customers.
Stripe, the biggest fintech company in the US, is about to consolidate its position at the top by almost doubling its valuation to $9.2 billion following Series D funding.