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Payment platform company Paysafe Ltd (NYSE:PSFE) extended its collaboration in Europe with Visa (NYSE:V) to use the latter’s Network Tokens as an alternative to primary credit and debit card account numbers, as reported on its website.
What Happened: Visa Network Tokens are securely transmitted and stored by Paysafe instead of card PANs thereby reducing fraudulent activities risk caused due to data breach or human attacks.
The tokens will update expired card numbers in real-time, remove any unnecessary declines and ensure recurring payment subscriptions flow smoothly with no disturbances.
The new network tokenization service will add an additional protection layer for cardholders leading to a smooth payment experience and higher authorization rates.
Merchants will access the Visa Network Tokenisation Service through Paysafe’s Single Payments API raising the security levels higher. It will be spread across customer-initiated payments, merchant-initiated payments, refunds, original credit transfers and standalone credit transfers within Europe.
Why It Matters: “Visa Network Tokens help deliver a compelling digital payments experience that can help reduce fraud and increase authorization 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,” Visa Senior Vice President of Product and Solutions Europe Mehret Habteab commented.
Paysafe believes customer retention is possible only by providing a smooth and secure payment experience to consumers. Amid rising e-commerce and more and more transactions happening online, the partnership with Visa will provide this value-added network tokenization service to Paysafe merchants.