Visa Expands Tokenization with 20 New Partners
Today, Visa announced the expansion of their Visa Token Service with 20 new partners. The company said this expansion will greatly enhance card payment security around the world.
Visa’s new partners are PayPal, Square, Braintree, AsiaPay, Fit-Pay, Adyen, Checkout.com, Payscout, Cherri Tech, SecureCo, CyberSource, Elavon, Ezidebit, eWAY, Giesecke & Devrient, Stripe, Rambus, SafeCharge, Worldpay and YellowPepper. Many of these partners already have the ability to use Visa tokenization, while the others will in the near future.
Tokenization provides an extra layer of protection in payment processing. Each transaction is assigned a token that represents the card information. Merchants do not have access to the actual card data, only the token provided. This reduces the risk of damage the business experiences a data breach.
In 2016, Visa and MasterCard agreed to share tokenization credentials with one another. Previously, Visa tokens were only used on Visa payment processors, and Mastercard followed suit. Now Visa tokens can be used on Mastercard mobile wallets and vice versa. Since the Visa Token Service launched in 2014, Visa has secured 60 partners in 40 markets.
These additional 20 partners will “help scale tokenization to their thousands of merchant clients and millions of customers around the world,” said Ansar Ansari, Senior Vice President for Visa’s Digital Payment Products.