Paysafe, a leading payments platform, announces the extension of its collaboration with Visa, a world leader in digital payments, to integrate Visa Network Tokens, as an alternative to primary credit and debit card account numbers. The new valued added Network Tokenisation Service adds an additional layer of protection for cardholders without impeding the user journey, resulting in a seamless payments experience and higher authorisation rates.
Visa Network Tokens update expired card numbers in real time, eliminating unnecessary declines and ensuring recurring payment subscriptions remain uninterrupted. These Visa-generated network tokens are securely transmitted and stored by Paysafe in lieu of card PANs, reducing the risk of fraudulent activities due to data breach or man in the middle attacks.
The integration allows merchants to access the Visa Network Tokenisation Service through Paysafe’s Single Payments API, providing enhanced security when conducting customer-initiated payments, merchant-initiated payments, refunds, original credit transfers and standalone credit transfers within Europe.
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Daniel Fagan, SVP Product, Merchant Solutions, at Paysafe, commented: “As eCommerce continues to grow and transactions increasingly take place online, offering consumers a smooth and secure payment experience is key to customer retention. We are proud to work with Visa to provide this value-added network tokenisation service to our merchants, integrating an extra layer of protection for their customers and significantly enhancing their payment journey.”
Mehret Habteab, SVP Product & Solutions Europe at Visa added: “Visa Network Tokens help deliver a compelling digital payments experience that can help reduce fraud and increase authorisation rates by 5%. We are excited to collaborate with Paysafe in Europe, to allow people and businesses to benefit from this easier and more secure way to pay.”
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading payments platform with an extensive track record of serving merchants and consumers in the global entertainment sectors. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of over $130 billion in 2022, and approximately 3,300 employees located in 12+ countries, Paysafe connects businesses and consumers across more than 100 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments.
SOURCE: Businesswire