Visa launches encryption service

Visa Merchant Data Secure with Point-to-Point Encryption

Visa is launching a new service designed to help acquirers and their merchants protect payment card data (view press release). The Visa Merchant Data Secure with Point-to-Point Encryption (P2PE) service will launch early next year. The cards giant is currently working with acquirers, processors and payment technology vendors to provide specifications for integrating its solution into payment terminals as well as into all critical systems across the payments processing industry. P2PE technology helps merchants and acquirers protect payment card data within their systems by encrypting sensitive cardholder information. As card data can only be accessed or unscrambled with decryption keys held securely by the acquirer, gateway or Visa, cardholder information is protected within the payment processing environment.

Visa claims the solution is part of its wider authentication strategy to improve payment industry security by removing account data from the payment environment where it is possible, protecting sensitive information wherever it is stored, processed or transmitted, and devaluing stolen account information through authentication solutions such as EMV chip technology. The company also claims its new service is complementary to EMV chip technology, providing an added layer of protection against the threat of data breaches, especially as the industry works to reach critical mass in the adoption of chip cards and terminals.

With Visa’s global processing reach and capabilities, we are able to provide an encryption solution that meets the needs of merchants and acquirers who want ease of implementation, flexibility, and effective protection,” said Darren Parslow, Global Head of Processing, Visa Inc. “Working in concert, multiple layers of security including point-to-point encryption can help take merchants out of harm’s way while mitigating fraud throughout the payment system.”

Related reading

Leave a comment